Morpheus Research says time is up Figure Technology, ‘short position justified’

Morpheus Research believes time is up for blockchain-themed stock promotion Figure Technology (FIGR), “whose claims of DeFi disruption fall apart under scrutiny. In our eyes, the market will soon re-rate $FIGR for what it is: an undifferentiated HELOC lender with aggressive underwriting & mounting competition.” Furthermore, it believes “the evidence justifies a short position in shares of Figure.” In a recently published report, Morpheus says, “Our 4-month investigation reveals that Figure is little more than a risky home equity lender masquerading as a blockchain innovator. Its blockchain initiatives, including Figure Connect, Democratized Prime, YLDS, OPEN, and Figure Markets appear to have stalled or are propped up by Figure itself. The company’s closely affiliated ‘Provenance Blockchain’ bears hallmarks of centralization antithetical to the DeFi movement.”