FIGS (NYSE:FIGS) Cut to “Buy” at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen lowered shares of FIGS (NYSE:FIGS – Free Report) from a strong-buy rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on the stock. KeyCorp raised their target price on shares of FIGS from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday. Weiss Ratings upgraded shares of FIGS from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Telsey Advisory Group lowered their price target on FIGS from $17.00 to $16.00 and set a “market perform” rating on the stock in a report on Friday, August 7th. Oppenheimer raised their price target on FIGS from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $16.00 price target on shares of FIGS in a research note on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $21.14.

Check Out Our Latest Report on FIGS

FIGS Stock Performance

FIGS opened at $21.56 on Friday. The company’s 50-day simple moving average is $16.46 and its two-hundred day simple moving average is $13.69. The stock has a market capitalization of $3.58 billion, a P/E ratio of 56.74 and a beta of 1.05. FIGS has a 52-week low of $8.36 and a 52-week high of $22.46.

FIGS (NYSE:FIGS – Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The firm had revenue of $190.69 million during the quarter, compared to analyst estimates of $182.82 million. During the same period in the previous year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. Research analysts forecast that FIGS will post 0.34 EPS for the current fiscal year.

Insider Transactions at FIGS

In other FIGS news, CEO Catherine Spear sold 4,044,284 shares of the business’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $19.70, for a total transaction of $79,672,394.80. Following the completion of the sale, the chief executive officer owned 1,671,854 shares of the company’s stock, valued at approximately $32,935,523.80. The trade was a 70.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 27.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FIGS. Arrowstreet Capital Limited Partnership grew its stake in shares of FIGS by 167.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company’s stock valued at $60,118,000 after acquiring an additional 2,546,905 shares during the period. Wellington Management Group LLP purchased a new stake in FIGS in the 2nd quarter worth approximately $12,304,000. Jennison Associates LLC increased its holdings in FIGS by 178.4% in the 1st quarter. Jennison Associates LLC now owns 1,401,214 shares of the company’s stock worth $20,696,000 after acquiring an additional 897,935 shares in the last quarter. Bank of America Corp DE raised its stake in FIGS by 190.3% during the 1st quarter. Bank of America Corp DE now owns 790,013 shares of the company’s stock worth $11,668,000 after acquiring an additional 517,918 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new stake in FIGS during the 1st quarter worth approximately $7,028,000. Institutional investors own 92.21% of the company’s stock.

About FIGS

(Get Free Report)

FIGS, Inc designs and sells apparel and accessories for healthcare professionals. Its products include scrubs, underscrubs, lab coats, outerwear, footwear, compression socks and other work-related accessories, with an emphasis on functional design and performance fabrics.

The company primarily sells through its e-commerce platform, serving healthcare workers in the United States and internationally. Its offerings are aimed at professionals across a range of medical roles and care settings.

FIGS was founded in 2013 by Heather Hasson and Trina Spear.

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