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

Wall Street Zen downgraded shares of FIGS (NYSE:FIGS) from a strong-buy rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently commented on FIGS. BTIG Research increased their target price on FIGS from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday, August 7th. KeyCorp lifted their price target on FIGS from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings upgraded FIGS from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Telsey Advisory Group reduced their price objective on FIGS from $17.00 to $16.00 and set a “market perform” rating for the company in a research note on Friday, August 7th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 target price on shares of FIGS in a research note on Friday, August 7th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, FIGS has an average rating of “Moderate Buy” and an average target price of $18.71.

FIGS Stock Up 0.2%

FIGS opened at $13.09 on Friday. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 39.67 and a beta of 1.07. The firm’s fifty day simple moving average is $12.84 and its two-hundred day simple moving average is $13.12. FIGS has a 52-week low of $6.50 and a 52-week high of $17.48.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.08. The firm had revenue of $196.62 million during the quarter, compared to the consensus estimate of $186.17 million. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 EPS. On average, research analysts forecast that FIGS will post 0.32 EPS for the current year.

Institutional Investors Weigh In On FIGS

Several hedge funds and other institutional investors have recently made changes to their positions in FIGS. Arrowstreet Capital Limited Partnership boosted its stake in FIGS by 167.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company’s stock worth $60,118,000 after buying an additional 2,546,905 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of FIGS by 7.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,552,919 shares of the company’s stock valued at $52,472,000 after purchasing an additional 257,644 shares during the period. Jennison Associates LLC grew its holdings in shares of FIGS by 178.4% in the first quarter. Jennison Associates LLC now owns 1,401,214 shares of the company’s stock valued at $20,696,000 after purchasing an additional 897,935 shares during the period. Wellington Management Group LLP acquired a new stake in FIGS during the second quarter worth about $12,304,000. Finally, Bank of America Corp DE increased its position in FIGS by 190.3% during the first quarter. Bank of America Corp DE now owns 790,013 shares of the company’s stock worth $11,668,000 after purchasing an additional 517,918 shares during the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

About FIGS

FIGS, Inc is a direct-to-consumer healthcare apparel and lifestyle company that designs and sells clothing, footwear and accessories for healthcare professionals. Its product portfolio includes medical scrubs, scrub jackets, lab coats, underscrubs, outerwear, shoes, bags and other work-related accessories.

The company markets its products through its digital platform, retail locations and selected wholesale channels. FIGS emphasizes technical fabrics, comfort, functionality and contemporary styling, seeking to provide alternatives to traditional medical uniforms for nurses, physicians and other healthcare workers.

FIGS was founded in 2013 by Heather Hasson and Trina Spear and is headquartered in Santa Monica, California.