FIGS (NYSE:FIGS) Shares Down 4.9% – Here’s Why

Shares of FIGS, Inc. (NYSE:FIGS) were down 4.9% during trading on Wednesday . The stock traded as low as $14.86 and last traded at $15.3150. Approximately 577,401 shares traded hands during trading, a decline of 83% from the average daily volume of 3,488,513 shares. The stock had previously closed at $16.10.

Analysts Set New Price Targets

Several research analysts recently issued reports on FIGS shares. Morgan Stanley upped their price target on shares of FIGS from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 13th. Barclays upgraded shares of FIGS from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Wolfe Research raised shares of FIGS to a “buy” rating in a report on Wednesday, December 10th. KeyCorp raised FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective on the stock in a report on Friday, February 27th. Finally, BTIG Research reissued a “buy” rating and issued a $15.00 target price on shares of FIGS in a research note on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.25.

FIGS Trading Down 3.4%

The firm’s 50 day moving average price is $12.06 and its 200-day moving average price is $9.86. The company has a market cap of $2.56 billion, a P/E ratio of 81.77 and a beta of 1.22.

FIGS (NYSE:FIGS) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. FIGS had a net margin of 5.43% and a return on equity of 8.41%. The business had revenue of $201.90 million for the quarter, compared to analyst estimates of $165.33 million. During the same period in the prior year, the business posted $0.01 earnings per share. FIGS’s revenue was up 33.0% compared to the same quarter last year. Analysts predict that FIGS, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at FIGS

In other FIGS news, CEO Catherine Eva Spear sold 49,734 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $11.38, for a total value of $565,972.92. Following the transaction, the chief executive officer owned 1,857,299 shares of the company’s stock, valued at approximately $21,136,062.62. This represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Heather L. Hasson sold 556,327 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total value of $9,374,109.95. Following the transaction, the insider owned 1,251,967 shares in the company, valued at approximately $21,095,643.95. This trade represents a 30.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 662,140 shares of company stock worth $10,542,161 in the last three months. Insiders own 29.44% of the company’s stock.

Institutional Trading of FIGS

Institutional investors and hedge funds have recently modified their holdings of the stock. Elevated Capital Advisors LLC bought a new stake in FIGS in the fourth quarter valued at approximately $45,000. Assetmark Inc. acquired a new position in shares of FIGS in the 3rd quarter valued at $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of FIGS in the 4th quarter valued at $69,000. Quarry LP increased its position in shares of FIGS by 1,876.3% in the 3rd quarter. Quarry LP now owns 7,846 shares of the company’s stock valued at $52,000 after buying an additional 7,449 shares in the last quarter. Finally, Capstone Financial Advisors Inc. bought a new stake in shares of FIGS in the 2nd quarter valued at $56,000. 92.21% of the stock is owned by institutional investors.

FIGS Company Profile

FIGS, Inc operates as a direct-to-consumer designer and retailer of medical apparel and accessories. The company offers a range of products tailored to the needs of healthcare professionals, including scrub sets, lab coats, tops, bottoms, outerwear, footwear, and performance fabrics designed for comfort, durability, and antimicrobial protection. Through its e-commerce platform and a growing network of retail stores, FIGS provides customizable uniforms and accessories with a focus on innovative materials and functional design features such as four-way stretch fabrics, moisture-wicking technology, and multiple secure pockets.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS set out to disrupt the traditional medical uniform market by emphasizing both form and function.