ProShare Advisors LLC Lowers Stock Holdings in FIGS, Inc. $FIGS

ProShare Advisors LLC reduced its stake in FIGS, Inc. (NYSE:FIGS) by 62.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 362,809 shares of the company’s stock after selling 600,751 shares during the quarter. ProShare Advisors LLC’s holdings in FIGS were worth $4,122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of FIGS. BNP Paribas Financial Markets grew its stake in shares of FIGS by 2,139.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after purchasing an additional 1,249,091 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of FIGS by 9.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after purchasing an additional 1,144,962 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of FIGS by 940.7% in the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company’s stock valued at $5,212,000 after purchasing an additional 835,300 shares during the last quarter. Marshall Wace LLP grew its stake in shares of FIGS by 45.7% in the 3rd quarter. Marshall Wace LLP now owns 2,585,258 shares of the company’s stock valued at $17,295,000 after purchasing an additional 810,719 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in shares of FIGS in the 1st quarter valued at approximately $3,199,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FIGS. Zacks Research downgraded FIGS from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 8th. Weiss Ratings cut FIGS from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Barclays raised FIGS from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Telsey Advisory Group raised their target price on FIGS to $17.00 and gave the company a “market perform” rating in a report on Thursday, March 12th. Finally, Wall Street Zen raised FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.93.

Insider Buying and Selling

In related news, CFO Sarah Oughtred sold 23,597 shares of FIGS stock in a transaction on Monday, May 4th. The stock was sold at an average price of $14.33, for a total transaction of $338,145.01. Following the completion of the transaction, the chief financial officer directly owned 1,129,791 shares of the company’s stock, valued at approximately $16,189,905.03. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heather L. Hasson sold 556,327 shares of FIGS stock in a transaction on 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 directly owned 1,251,967 shares of the company’s stock, valued at approximately $21,095,643.95. This represents a 30.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 685,516 shares of company stock valued at $11,233,441. 29.44% of the stock is owned by insiders.

FIGS Stock Performance

FIGS stock opened at $12.57 on Friday. FIGS, Inc. has a one year low of $4.25 and a one year high of $17.48. The business has a fifty day moving average of $14.29 and a two-hundred day moving average of $12.37. The company has a market cap of $2.10 billion, a P/E ratio of 57.14 and a beta of 1.12.

FIGS (NYSE:FIGS) last released its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The company had revenue of $159.90 million during the quarter, compared to the consensus estimate of $153.15 million. The company’s revenue for the quarter was up 28.0% on a year-over-year basis. Sell-side analysts predict that FIGS, Inc. will post 0.25 EPS for the current year.

FIGS 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.