Figure Technologies Stock Jumps Following Significant Investment by Duquesne Capital and Raised Price Targets
Druckenmiller's Duquesne Capital increased its holdings by adding over 2.1 million shares of Figure Technologies (FIGR) in the third quarter, with the stake valued at approximately $77 million, representing about 1.9% of his portfolio according to a 13F filing.
Following this move, Figure's stock rose as much as 15% intraday to $46.46 and later traded around $44.45, marking an approximate 10% gain on the day and a 44% increase since its September Nasdaq IPO.
Analysts from Bank of America, Mizhou, and Piper Sandler raised their price targets for Figure, highlighting the company's capital-light HELOC lending model alongside cost reductions driven by AI and blockchain technologies.
Figure's earnings report indicated that Figure Connect is anticipated to account for 60% of loan volume in Q3, up from 46% in the prior quarter.
Mizhou analyst Dan Dolev noted YLDS, a yield-bearing stablecoin operating on the Provenance blockchain, as a notable differentiator designed to mitigate potential outflows from traditional banks into digital dollars.
Figure Technologies is a blockchain-focused lending platform founded by Mike Cagney, co-founder of SoFi.
Druckenmiller's investment underlines growing institutional interest in fintech platforms that integrate blockchain and AI technologies, despite a soft broader crypto market and lagging valuations.
