FIGS (NYSE:FIGS) Shares Gap Up Following Analyst Upgrade

FIGS, Inc. (NYSE:FIGS) gapped up before the market opened on Friday after Oppenheimer upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $14.22, but opened at $14.84. Oppenheimer now has a $22.00 price target on the stock. FIGS shares last traded at $14.5750, with a volume of 629,151 shares trading hands.

FIGS has been the topic of several other research reports. Barclays raised shares of FIGS from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of FIGS in a research note on Monday, December 29th. KeyCorp upgraded shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective for the company in a report on Friday, February 27th. Telsey Advisory Group raised their price objective on shares of FIGS to $17.00 and gave the company a “market perform” rating in a research note on Thursday, March 12th. Finally, Wolfe Research raised FIGS to a “buy” rating in a report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.93.

Insiders Place Their Bets

In other news, CEO Catherine Eva Spear sold 49,734 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $11.38, for a total transaction of $565,972.92. Following the completion of the transaction, the chief executive officer owned 1,857,299 shares in the company, valued at approximately $21,136,062.62. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sarah Oughtred sold 22,690 shares of FIGS stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $10.56, for a total transaction of $239,606.40. Following the completion of the transaction, the chief financial officer directly owned 821,500 shares in the company, valued at $8,675,040. This represents a 2.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 662,140 shares of company stock worth $10,542,161. 29.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. FourThought Financial Partners LLC increased its holdings in shares of FIGS by 3.6% in the fourth quarter. FourThought Financial Partners LLC now owns 32,851 shares of the company’s stock valued at $373,000 after buying an additional 1,138 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of FIGS by 4.2% during the 3rd quarter. GSA Capital Partners LLP now owns 52,045 shares of the company’s stock worth $348,000 after acquiring an additional 2,083 shares in the last quarter. Corient Private Wealth LLC boosted its stake in shares of FIGS by 0.8% during the 2nd quarter. Corient Private Wealth LLC now owns 332,938 shares of the company’s stock worth $1,878,000 after acquiring an additional 2,612 shares in the last quarter. Creative Planning grew its holdings in shares of FIGS by 4.9% in the 3rd quarter. Creative Planning now owns 68,932 shares of the company’s stock worth $461,000 after acquiring an additional 3,192 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of FIGS by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 77,219 shares of the company’s stock worth $354,000 after purchasing an additional 3,276 shares during the period. Institutional investors and hedge funds own 92.21% of the company’s stock.

FIGS Stock Up 2.4%

The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 76.46 and a beta of 1.22. The business has a 50-day moving average price of $12.52 and a 200-day moving average price of $10.20.

FIGS (NYSE:FIGS) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.08. The firm had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $165.33 million. FIGS had a return on equity of 8.41% and a net margin of 5.43%.FIGS’s revenue was up 33.0% on a year-over-year basis. During the same quarter last year, the business posted $0.01 EPS. As a group, sell-side analysts predict that FIGS, Inc. will post 0.01 EPS for the current year.

About FIGS

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.