Stock Traders Buy Large Volume of Put Options on FIGS (NYSE:FIGS)

FIGS, Inc. (NYSE:FIGS) saw unusually large options trading on Wednesday. Investors purchased 17,944 put options on the company. This represents an increase of approximately 2,261% compared to the average volume of 760 put options.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership lifted its position 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 acquired a new position in FIGS in the second quarter valued at about $12,304,000. Jennison Associates LLC raised its stake in 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 in the last quarter. Bank of America Corp DE lifted 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 period. Finally, Hillsdale Investment Management Inc. bought a new stake in FIGS during the first quarter worth about $7,028,000. 92.21% of the stock is owned by institutional investors.

FIGS Stock Performance

FIGS traded up $0.01 during trading hours on Wednesday, reaching $14.11. The company’s stock had a trading volume of 4,143,887 shares, compared to its average volume of 3,202,994. The company’s 50-day moving average is $13.60 and its 200-day moving average is $12.95. FIGS has a 52 week low of $6.77 and a 52 week high of $17.48. The firm has a market cap of $2.34 billion, a PE ratio of 42.78 and a beta of 1.06.

FIGS (NYSE:FIGS) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.08. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The firm had revenue of $196.62 million during the quarter, compared to analysts’ expectations of $186.17 million. During the same period in the previous year, the business posted $0.04 earnings per share. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. Equities analysts anticipate that FIGS will post 0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FIGS has been the subject of several analyst reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $16.00 target price on shares of FIGS in a research note on Friday, August 7th. KeyCorp increased their price target on shares of FIGS from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Telsey Advisory Group decreased their price objective on shares of FIGS from $17.00 to $16.00 and set a “market perform” rating for the company in a research report on Friday, August 7th. BTIG Research boosted their price objective on shares of FIGS from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Wall Street Zen cut shares of FIGS from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 19th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

FIGS Company Profile

FIGS, Inc (NYSE: FIGS) is a healthcare apparel and lifestyle company that designs and sells clothing, footwear, accessories and other products for healthcare professionals. Its product portfolio includes medical scrubs, lab coats, jackets, underscrubs, shoes, bags and related essentials designed for use in clinical and professional settings.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS built its business around modern, performance-oriented alternatives to traditional medical uniforms.