FIGS (NYSE:FIGS) Trading Down 4.7% – Here’s Why

FIGS, Inc. (NYSE:FIGS) traded down 4.7% on Tuesday . The company traded as low as $14.51 and last traded at $14.4950. Approximately 136,674 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 3,287,629 shares. The stock had previously closed at $15.21.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. KeyCorp increased their price target on FIGS from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings raised shares of FIGS from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. The Goldman Sachs Group restated a “neutral” rating and issued a $16.00 price target on shares of FIGS in a research report on Friday, August 7th. BTIG Research lifted their price objective on shares of FIGS from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Telsey Advisory Group cut their target price on shares of FIGS from $17.00 to $16.00 and set a “market perform” rating on the stock in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

FIGS Stock Performance

The stock has a 50 day moving average price of $11.53 and a two-hundred day moving average price of $12.77. The company has a market capitalization of $2.44 billion, a PE ratio of 44.48 and a beta of 1.03.

FIGS (NYSE:FIGS) last posted its earnings results on Thursday, August 6th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.07 by $0.08. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The company had revenue of $196.62 million during the quarter, compared to the consensus estimate of $186.17 million. During the same period in the previous year, the firm posted $0.04 earnings per share. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. Sell-side analysts predict that FIGS, Inc. will post 0.32 earnings per share for the current year.

Institutional Trading of FIGS

A number of hedge funds have recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new position in FIGS in the fourth quarter worth about $69,000. OP Asset Management Ltd acquired a new position in FIGS in the first quarter valued at about $115,000. Quarry LP boosted its position in FIGS by 1,876.3% in 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. May Hill Capital LLC bought a new stake in FIGS during the fourth quarter worth about $117,000. Finally, Aigen Investment Management LP bought a new position in shares of FIGS in the fourth quarter valued at approximately $118,000. Institutional investors 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.