FIGS (NYSE:FIGS) Issues Earnings Results, Beats Estimates By $0.01 EPS

FIGS (NYSE:FIGS – Get Rating) released its quarterly earnings data on Thursday. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01, Briefing.com reports. FIGS had a return on equity of 17.44% and a net margin of 7.18%. The firm had revenue of $122.20 million for the quarter, compared to the consensus estimate of $117.96 million. During the same quarter in the prior year, the company posted ($0.26) earnings per share. The firm’s revenue was up 20.9% on a year-over-year basis. FIGS updated its FY 2022 guidance to EPS.

FIGS Price Performance

Shares of NYSE:FIGS traded up $0.76 during midday trading on Friday, reaching $11.80. The company’s stock had a trading volume of 5,482,308 shares, compared to its average volume of 2,610,287. FIGS has a fifty-two week low of $6.93 and a fifty-two week high of $48.63. The company has a market capitalization of $1.94 billion, a P/E ratio of 69.41, a P/E/G ratio of 34.58 and a beta of 1.65. The business’s fifty day simple moving average is $9.16 and its 200-day simple moving average is $14.54.

Institutional Trading of FIGS

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGS. Raymond James & Associates increased its stake in shares of FIGS by 12.8% in the first quarter. Raymond James & Associates now owns 9,970 shares of the company’s stock valued at $215,000 after buying an additional 1,129 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of FIGS by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 248,047 shares of the company’s stock valued at $5,338,000 after buying an additional 2,126 shares in the last quarter. Citigroup Inc. increased its stake in shares of FIGS by 30.3% in the first quarter. Citigroup Inc. now owns 9,503 shares of the company’s stock valued at $204,000 after buying an additional 2,211 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of FIGS in the first quarter valued at $51,000. Finally, BlackRock Inc. increased its stake in shares of FIGS by 1.7% in the first quarter. BlackRock Inc. now owns 4,370,119 shares of the company’s stock valued at $94,045,000 after buying an additional 71,590 shares in the last quarter. 70.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FIGS has been the topic of a number of research reports. Oppenheimer dropped their price objective on FIGS from $45.00 to $22.00 and set a “na” rating on the stock in a report on Monday, May 16th. Bank of America downgraded FIGS from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $12.00 in a report on Monday, May 16th. FIG Partners downgraded FIGS from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $12.00 in a report on Monday, May 16th. Raymond James began coverage on FIGS in a report on Thursday, June 30th. They set a “strong-buy” rating and a $15.00 price target on the stock. Finally, Piper Sandler began coverage on FIGS in a research report on Friday, July 22nd. They issued an “overweight” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.69.

About FIGS

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FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. It designs and sells healthcare apparel and other non-scrub offerings, such as lab coats, under scrubs, outerwear, activewear, loungewear, compression socks footwear, and masks. It also offers sports bras, performance leggings, tops, super-soft pima cotton tops, vests, and jackets.