FIGS (NYSE:FIGS) Trading Down 5.5% – Here’s Why

FIGS, Inc. (NYSE:FIGS)’s share price fell 5.5% during mid-day trading on Monday . The stock traded as low as $14.17 and last traded at $14.55. 488,199 shares were traded during mid-day trading, a decline of 85% from the average session volume of 3,225,306 shares. The stock had previously closed at $15.40.

Analysts Set New Price Targets

FIGS has been the subject of several recent analyst reports. Barclays upgraded FIGS from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Weiss Ratings upgraded FIGS from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. KeyCorp upped their price target on FIGS to $19.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Telsey Advisory Group upped their price target on FIGS to $17.00 and gave the stock a “market perform” rating in a research note on Thursday, March 12th. Finally, BTIG Research restated a “buy” rating and issued a $20.00 price target on shares of FIGS in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.93.

FIGS Trading Down 0.2%

The firm has a market capitalization of $2.41 billion, a P/E ratio of 76.35 and a beta of 1.12. The company has a 50 day simple moving average of $14.99 and a two-hundred day simple moving average of $12.05.

FIGS (NYSE:FIGS) last posted 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 during the quarter, compared to analyst estimates of $165.33 million. During the same period last year, the firm posted $0.01 earnings per share. FIGS’s revenue for the quarter was up 33.0% compared to the same quarter last year. On average, sell-side analysts expect that FIGS, Inc. will post 0.24 EPS for the current fiscal year.

Insider Activity at FIGS

In related news, CFO Sarah Oughtred sold 23,597 shares of the firm’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 of the company’s stock, valued at approximately $16,189,905.03. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heather L. Hasson sold 556,327 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the completion of the transaction, the insider directly owned 1,251,967 shares of the company’s stock, valued at approximately $21,095,643.95. This trade represents a 30.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 731,080 shares of company stock valued at $11,714,597. 29.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Elevated Capital Advisors LLC purchased a new position in shares of FIGS in the fourth quarter valued at $45,000. Assetmark Inc. purchased a new position in shares of FIGS in the third quarter valued at $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of FIGS in the fourth quarter valued at $69,000. OP Asset Management Ltd purchased a new position in shares of FIGS in the first quarter valued at $115,000. Finally, Quarry LP grew 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 valued at $52,000 after purchasing an additional 7,449 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

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.