FIGS (NYSE:FIGS) Trading Down 7.5% – Time to Sell?

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

Analyst Ratings Changes

Several analysts recently commented on the stock. Zacks Research downgraded shares of FIGS from a “strong-buy” rating to a “hold” rating in a report on Friday, May 8th. Morgan Stanley increased their price target on shares of FIGS from $8.00 to $15.00 and gave the company an “equal weight” rating in a report on Monday, April 13th. Oppenheimer upgraded shares of FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Friday, March 20th. The Goldman Sachs Group upgraded FIGS from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $20.00 target price on shares of FIGS in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, FIGS has an average rating of “Moderate Buy” and an average target price of $15.93.

FIGS Price Performance

The stock’s 50-day moving average price is $13.24 and its 200-day moving average price is $12.80. The company has a market cap of $1.86 billion, a P/E ratio of 50.80 and a beta of 1.04.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating the consensus estimate 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. As a group, analysts expect that FIGS, Inc. will post 0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Catherine Eva Spear sold 62,335 shares of FIGS stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $14.44, for a total value of $900,117.40. Following the completion of the sale, the chief executive officer directly owned 1,794,964 shares in the company, valued at approximately $25,919,280.16. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sarah Oughtred sold 23,597 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 129,189 shares of company stock worth $1,859,331 in the last quarter. Corporate insiders own 27.06% of the company’s stock.

Hedge Funds Weigh In On FIGS

Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its holdings in shares of FIGS by 45.2% during the 4th quarter. UBS Group AG now owns 277,151 shares of the company’s stock worth $3,148,000 after purchasing an additional 86,268 shares in the last quarter. Jennison Associates LLC bought a new position in shares of FIGS in the fourth quarter worth $5,717,000. Vanguard Group Inc. increased its position in shares of FIGS by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,609,320 shares of the company’s stock worth $64,286,000 after purchasing an additional 425,189 shares during the period. Western Standard LLC acquired a new position in FIGS in the third quarter valued at about $1,863,000. Finally, Quantbot Technologies LP raised its stake in FIGS by 92.8% in the third quarter. Quantbot Technologies LP now owns 212,103 shares of the company’s stock valued at $1,419,000 after purchasing an additional 102,092 shares in the last quarter. Institutional investors own 92.21% of the company’s stock.

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.