We recently published 10 Hot Stocks Investors Are Buying, 5 Break Fresh Records. Figure Technology Solutions, Inc. (NASDAQ:FIGR) is one of the best performers on Tuesday.
Figure Technology extended its winning streak to a second day on Tuesday to hit another all-time high as investors loaded positions ahead of an expected interest rate cut that could spark more borrowing transactions through its platform.
On its third day as a publicly listed firm, Figure Technology Solutions, Inc. (NASDAQ:FIGR) jumped to a new all-time high of $42.74, before trimming gains to end the day just up by 8.44 percent at $40.48 apiece.
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The company, which leverages blockchain technology to connect lenders and borrowers of home loans, is set to benefit from an expected rate cut to be announced by the US central bank in its Federal Open Market Committee (FOMC) meeting on Wednesday, September 17.
Any rate cut would be beneficial for lenders and the highly rate-sensitive residential market, as lower borrowing rates could spark more demand for mortgages, refinancing, and home equity loans.
According to its IPO documents, Figure Technology Solutions, Inc. (NASDAQ:FIGR) funds home equity loans in just 10 days, as compared with the industry average of 42 days.
Figure Technology Solutions, Inc. (NASDAQ:FIGR) debuted on the Nasdaq exchange on Thursday last week, raising $787.5 million from the sale of 31.5 million shares.
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Disclosure: None. This article is originally published at Insider Monkey.
