Quantedge Capital Pte Ltd Cuts Stock Position in FIGS, Inc. $FIGS

Quantedge Capital Pte Ltd lessened its holdings in FIGS, Inc. (NYSE:FIGS) by 28.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 121,400 shares of the company’s stock after selling 48,800 shares during the period. FIGS makes up about 1.0% of Quantedge Capital Pte Ltd’s investment portfolio, making the stock its 23rd largest position. Quantedge Capital Pte Ltd owned about 0.07% of FIGS worth $1,793,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of FIGS by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 77,219 shares of the company’s stock worth $354,000 after buying an additional 3,276 shares in the last quarter. Woodline Partners LP bought a new position in shares of FIGS in the 1st quarter valued at about $3,199,000. Creative Planning lifted its holdings in shares of FIGS by 181.3% in the 2nd quarter. Creative Planning now owns 65,740 shares of the company’s stock valued at $371,000 after acquiring an additional 42,367 shares during the last quarter. Prudential Financial Inc. purchased a new position in FIGS in the second quarter worth about $70,000. Finally, Russell Investments Group Ltd. grew its position in FIGS by 102.4% in the second quarter. Russell Investments Group Ltd. now owns 147,440 shares of the company’s stock worth $832,000 after acquiring an additional 74,578 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

FIGS Price Performance

FIGS stock opened at $10.27 on Wednesday. The firm has a market capitalization of $1.72 billion, a P/E ratio of 46.70 and a beta of 1.01. FIGS, Inc. has a 1-year low of $6.07 and a 1-year high of $17.48. The company’s 50-day moving average is $11.31 and its 200 day moving average is $12.61.

FIGS (NYSE:FIGS) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. The business had revenue of $159.90 million during the quarter, compared to analyst estimates of $153.15 million. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The business’s revenue for the quarter was up 28.0% compared to the same quarter last year. Research analysts anticipate that FIGS, Inc. will post 0.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FIGS shares. Zacks Research downgraded FIGS from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 8th. Morgan Stanley lifted their target price on FIGS from $8.00 to $15.00 and gave the stock an “equal weight” rating in a report on Monday, April 13th. Weiss Ratings lowered FIGS from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. BTIG Research restated a “buy” rating and set a $20.00 price target on shares of FIGS in a report on Friday, April 24th. Finally, KeyCorp restated an “overweight” rating on shares of FIGS in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, FIGS currently has an average rating of “Moderate Buy” and an average price target of $15.93.

Insider Buying and Selling

In related news, Chairman Heather L. Hasson sold 32,385 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $14.33, for a total transaction of $464,077.05. Following the completion of the sale, the chairman directly owned 1,433,807 shares of the company’s stock, valued at approximately $20,546,454.31. This trade represents a 2.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sarah Oughtred sold 23,597 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $14.33, for a total value of $338,145.01. Following the completion of the transaction, the chief financial officer directly owned 1,129,791 shares in the company, valued at $16,189,905.03. This trade represents a 2.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.06% of the stock is currently owned by company insiders.

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.