BTIG Research Reaffirms Buy Rating for FIGS (NYSE:FIGS)

FIGS (NYSE:FIGS)‘s stock had its “buy” rating restated by stock analysts at BTIG Research in a research note issued to investors on Friday,Benzinga reports. They presently have a $20.00 target price on the stock. BTIG Research’s price objective suggests a potential upside of 24.07% from the stock’s previous close.

FIGS has been the topic of several other research reports. The Goldman Sachs Group raised shares of FIGS from a “strong sell” rating to a “hold” rating in a research report on Friday, February 27th. Barclays raised shares of FIGS from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. KeyCorp raised shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective for the company in a research note on Friday, February 27th. Morgan Stanley upped their price objective on shares of FIGS from $8.00 to $15.00 and gave the company an “equal weight” rating in a research note on Monday, April 13th. Finally, Wall Street Zen raised shares of FIGS from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.64.

FIGS Stock Up 4.2%

FIGS opened at $16.12 on Friday. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 84.85 and a beta of 1.20. FIGS has a twelve month low of $3.82 and a twelve month high of $17.48. The company’s 50-day moving average price is $14.36 and its two-hundred day moving average price is $11.59.

FIGS (NYSE:FIGS) last released its earnings results on Thursday, February 26th. The company reported $0.10 earnings per share 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 firm had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $165.33 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 33.0% on a year-over-year basis. As a group, sell-side analysts anticipate that FIGS will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Heather L. Hasson sold 556,327 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $16.85, for a total value of $9,374,109.95. Following the completion of the transaction, the insider directly owned 1,251,967 shares in the company, valued at $21,095,643.95. This trade represents a 30.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Catherine Eva Spear sold 62,335 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $14.44, for a total transaction of $900,117.40. Following the completion of the transaction, the chief executive officer owned 1,794,964 shares of the company’s stock, valued at approximately $25,919,280.16. The trade was a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 675,098 shares of company stock worth $10,912,375. 29.44% of the stock is currently owned by corporate insiders.

Institutional Trading of FIGS

A number of institutional investors and hedge funds have recently bought and sold shares of FIGS. Assetmark Inc. bought a new stake in FIGS during the 3rd quarter valued at about $35,000. Elevated Capital Advisors LLC purchased a new position in shares of FIGS in the fourth quarter worth approximately $45,000. Quarry LP boosted its holdings in shares of FIGS by 1,876.3% in the third quarter. Quarry LP now owns 7,846 shares of the company’s stock worth $52,000 after buying an additional 7,449 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in shares of FIGS in the second quarter worth approximately $61,000. Finally, Walleye Capital LLC purchased a new position in FIGS during the second quarter valued at approximately $65,000. 92.21% of the stock is currently owned by institutional investors.

FIGS Company 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.