FIGS (NYSE:FIGS) Shares Gap Up Following Analyst Upgrade

Shares of FIGS, Inc. (NYSE:FIGS) gapped up prior to trading on Friday after Oppenheimer upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $14.22, but opened at $14.84. Oppenheimer now has a $22.00 price target on the stock. FIGS shares last traded at $14.5750, with a volume of 629,151 shares traded.

A number of other analysts have also issued reports on the stock. BTIG Research reissued a “buy” rating and set a $15.00 target price on shares of FIGS in a research note on Friday, February 27th. The Goldman Sachs Group raised shares of FIGS from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. Morgan Stanley lifted their price objective on shares of FIGS from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Barclays raised shares of FIGS from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Finally, Wall Street Zen upgraded shares of FIGS from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.93.

Insider Transactions at FIGS

In other news, insider Heather L. Hasson sold 556,327 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the transaction, the insider owned 1,251,967 shares in the company, valued at approximately $21,095,643.95. This trade represents a 30.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Catherine Eva Spear sold 49,734 shares of FIGS stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $11.38, for a total value of $565,972.92. Following the completion of the sale, the chief executive officer owned 1,857,299 shares of the company’s stock, valued at $21,136,062.62. The trade was a 2.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 662,140 shares of company stock valued at $10,542,161. 29.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On FIGS

Hedge funds have recently modified their holdings of the business. Assetmark Inc. bought a new position in shares of FIGS during the third quarter valued at approximately $35,000. Elevated Capital Advisors LLC acquired a new stake in FIGS in the fourth quarter valued at approximately $45,000. Quarry LP grew its holdings 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 during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of FIGS during the second quarter worth $61,000. Finally, Walleye Capital LLC acquired a new position in shares of FIGS during the second quarter worth $65,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.

FIGS Stock Performance

The stock has a market cap of $2.33 billion, a PE ratio of 74.61 and a beta of 1.22. The firm has a fifty day moving average price of $12.56 and a 200 day moving average price of $10.27.

FIGS (NYSE:FIGS) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.08. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The firm had revenue of $201.90 million for the quarter, compared to analyst estimates of $165.33 million. During the same period in the previous year, the company posted $0.01 earnings per share. The business’s revenue was up 33.0% on a year-over-year basis. On average, equities research analysts forecast that FIGS, Inc. will post 0.01 earnings per share for the current year.

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.