FIGS (NYSE:FIGS) Stock Price Down 7.5% – Here’s Why

Shares of FIGS, Inc. (NYSE:FIGS) dropped 7.5% during trading on Monday . The company traded as low as $11.41 and last traded at $11.3890. Approximately 1,091,549 shares changed hands during trading, a decline of 67% from the average session volume of 3,335,454 shares. The stock had previously closed at $12.31.

Wall Street Analysts Forecast Growth

FIGS has been the subject of several analyst reports. BTIG Research reissued a “buy” rating and issued a $20.00 price target on shares of FIGS in a research note on Friday, April 24th. Wall Street Zen upgraded FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Barclays upgraded FIGS from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Morgan Stanley raised their target price on FIGS from $8.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Monday, April 13th. Finally, Oppenheimer upgraded FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, FIGS has an average rating of “Moderate Buy” and an average target price of $15.93.

FIGS Price Performance

The company has a market cap of $1.96 billion, a PE ratio of 53.32 and a beta of 1.04. The company’s 50 day simple moving average is $13.11 and its two-hundred day simple moving average is $12.80.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. FIGS had a net margin of 6.10% and a return on equity of 9.69%. The business had revenue of $159.90 million for the quarter, compared to the consensus estimate of $153.15 million. FIGS’s revenue for the quarter was up 28.0% compared to the same quarter last year. Sell-side analysts expect that FIGS, Inc. will post 0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sarah Oughtred sold 23,597 shares of FIGS stock in a transaction on Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $338,145.01. Following the completion of the sale, the chief financial officer directly owned 1,129,791 shares of the company’s stock, valued at approximately $16,189,905.03. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Heather L. Hasson sold 32,385 shares of the business’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 $464,077.05. Following the completion of the sale, the chairman owned 1,433,807 shares in the company, valued at $20,546,454.31. This represents a 2.21% 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. Insiders have sold 129,189 shares of company stock worth $1,859,331 over the last ninety days. Corporate insiders own 27.06% of the company’s stock.

Hedge Funds Weigh In On FIGS

Several institutional investors have recently bought and sold shares of the company. FourThought Financial Partners LLC lifted its position in shares of FIGS by 3.6% during the fourth quarter. FourThought Financial Partners LLC now owns 32,851 shares of the company’s stock worth $373,000 after purchasing an additional 1,138 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of FIGS by 4.2% in the third quarter. GSA Capital Partners LLP now owns 52,045 shares of the company’s stock valued at $348,000 after purchasing an additional 2,083 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of FIGS by 0.8% in the second quarter. Corient Private Wealth LLC now owns 332,938 shares of the company’s stock valued at $1,878,000 after purchasing an additional 2,612 shares in the last quarter. Creative Planning increased its stake in FIGS by 4.9% during the 3rd quarter. Creative Planning now owns 68,932 shares of the company’s stock worth $461,000 after buying an additional 3,192 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in FIGS by 4.4% during 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 during the period. 92.21% of the stock is owned by institutional investors and hedge funds.

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.