FIGS (NYSE:FIGS) Shares Down 5.9% – Time to Sell?

FIGS, Inc. (NYSE:FIGS)’s share price traded down 5.9% during trading on Tuesday . The company traded as low as $10.46 and last traded at $10.4250. 1,405,870 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 3,336,698 shares. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

FIGS has been the topic of a number of research analyst reports. KeyCorp reaffirmed an “overweight” rating on shares of FIGS in a report on Tuesday, June 23rd. Telsey Advisory Group boosted their target price on FIGS to $17.00 and gave the stock a “market perform” rating in a research report on Thursday, March 12th. Weiss Ratings cut shares of FIGS from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Oppenheimer upgraded shares of FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Friday, March 20th. Finally, Zacks Research cut shares of FIGS from a “strong-buy” rating to a “hold” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, FIGS currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.93.

FIGS Price Performance

The firm has a 50-day simple moving average of $12.81 and a 200-day simple moving average of $12.80. The firm has a market capitalization of $1.74 billion, a PE ratio of 47.39 and a beta of 1.04.

FIGS (NYSE:FIGS) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. FIGS had a net margin of 6.10% and a return on equity of 9.69%. The company had revenue of $159.90 million for the quarter, compared to the consensus estimate of $153.15 million. The company’s revenue was up 28.0% on a year-over-year basis. Equities analysts expect that FIGS, Inc. will post 0.25 earnings per share for the current year.

Insider Transactions at FIGS

In other news, CFO Sarah Oughtred sold 23,597 shares of the company’s stock in a transaction on Monday, May 4th. The stock was 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 directly owned 1,129,791 shares in the company, valued at $16,189,905.03. This represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Heather L. Hasson sold 32,385 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $464,077.05. Following the completion of the sale, the chairman owned 1,433,807 shares of the company’s stock, valued at approximately $20,546,454.31. The trade was a 2.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 129,189 shares of company stock worth $1,859,331 in the last three months. Corporate insiders own 27.06% of the company’s stock.

Institutional Trading of FIGS

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its position in shares of FIGS by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after purchasing an additional 1,144,962 shares during the period. Vanguard Group Inc. increased its stake in FIGS by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,609,320 shares of the company’s stock worth $64,286,000 after buying an additional 425,189 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in FIGS by 1.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,417,008 shares of the company’s stock worth $29,549,000 after buying an additional 70,660 shares in the last quarter. Marshall Wace LLP raised its holdings in FIGS by 66.2% during the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock valued at $48,824,000 after acquiring an additional 1,712,610 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in FIGS by 167.2% during the first 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. 92.21% of the stock is owned by hedge funds and other institutional investors.

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.