Quantedge Capital Pte Ltd Lowers Stock Holdings in FIGS, Inc. $FIGS

Quantedge Capital Pte Ltd reduced its stake in FIGS, Inc. (NYSE:FIGS) by 28.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,400 shares of the company’s stock after selling 48,800 shares during the period. FIGS accounts for 1.0% of Quantedge Capital Pte Ltd’s holdings, making the stock its 23rd biggest holding. Quantedge Capital Pte Ltd’s holdings in FIGS were worth $1,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Elevated Capital Advisors LLC bought a new stake in shares of FIGS during the fourth quarter valued at approximately $45,000. Quarry LP grew its stake in 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 purchasing an additional 7,449 shares in the last quarter. Hudson Bay Capital Management LP bought a new position in FIGS in the second quarter worth approximately $61,000. Walleye Capital LLC bought a new position in FIGS in the second quarter worth approximately $65,000. Finally, Kemnay Advisory Services Inc. purchased a new position in FIGS during the 4th quarter worth $69,000. 92.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at FIGS

In other FIGS news, CFO Sarah Oughtred sold 23,597 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $14.33, for a total transaction of $338,145.01. Following the sale, the chief financial officer 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 FIGS 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 transaction, the chairman owned 1,433,807 shares in the company, valued at $20,546,454.31. This represents a 2.21% decrease in their ownership of the stock. 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. 27.06% of the stock is currently owned by company insiders.

FIGS Stock Performance

NYSE FIGS opened at $10.27 on Wednesday. The firm’s 50 day moving average price is $11.31 and its 200-day moving average price is $12.61. FIGS, Inc. has a 52-week low of $6.07 and a 52-week high of $17.48. The company has a market cap of $1.72 billion, a PE ratio of 46.70 and a beta of 1.01.

FIGS (NYSE:FIGS) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. The company had revenue of $159.90 million for the quarter, compared to analyst estimates of $153.15 million. FIGS had a net margin of 6.10% and a return on equity of 9.69%. The firm’s revenue was up 28.0% on a year-over-year basis. On average, analysts forecast that FIGS, Inc. will post 0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. KeyCorp reaffirmed an “overweight” rating on shares of FIGS in a research report on Tuesday, June 23rd. BTIG Research reissued a “buy” rating and set a $20.00 price target on shares of FIGS in a research report on Friday, April 24th. Weiss Ratings lowered FIGS from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Zacks Research lowered FIGS from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 8th. Finally, Morgan Stanley lifted their price objective on FIGS from $8.00 to $15.00 and gave the company an “equal weight” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.93.

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.