FIGS (NYSE:FIGS) Stock Price Down 4.5% – Here’s What Happened

FIGS, Inc. (NYSE:FIGS) fell 4.5% during mid-day trading on Monday . The company traded as low as $14.01 and last traded at $14.0050. 1,713,668 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 3,340,587 shares. The stock had previously closed at $14.66.

Wall Street Analyst Weigh In

FIGS has been the topic of a number of analyst reports. Telsey Advisory Group lifted their price target on FIGS to $17.00 and gave the stock a “market perform” rating in a research note on Thursday, March 12th. Wall Street Zen upgraded shares of FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Barclays raised shares of FIGS from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Wolfe Research raised shares of FIGS to a “buy” rating in a research note on Wednesday, December 10th. Finally, The Goldman Sachs Group raised FIGS from a “strong sell” rating to a “hold” rating in a research report on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.93.

FIGS Stock Down 7.6%

The stock has a market capitalization of $2.25 billion, a PE ratio of 71.73 and a beta of 1.20. The stock’s 50-day moving average is $13.20 and its 200 day moving average is $10.86.

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

Insider Transactions at FIGS

In other news, insider Heather L. Hasson sold 556,327 shares of FIGS stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the completion of the sale, the insider directly owned 1,251,967 shares in the company, valued at $21,095,643.95. The trade was a 30.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Catherine Eva Spear sold 49,734 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $11.38, for a total value of $565,972.92. Following the completion of the sale, the chief executive officer directly owned 1,857,299 shares of the company’s stock, valued at approximately $21,136,062.62. The trade was a 2.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 662,140 shares of company stock valued at $10,542,161 in the last three months. Corporate insiders own 29.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Assetmark Inc. acquired a new stake in shares of FIGS in the 3rd quarter valued at $35,000. Elevated Capital Advisors LLC acquired a new position in FIGS during the fourth quarter worth $45,000. Quarry LP raised its holdings in FIGS by 1,876.3% during the third 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. Hudson Bay Capital Management LP acquired a new stake in shares of FIGS in the second quarter worth about $61,000. Finally, Walleye Capital LLC acquired a new stake in shares of FIGS in the second quarter worth about $65,000. Institutional investors and hedge funds own 92.21% of the company’s stock.

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.