FIGS (NYSE:FIGS) Trading Down 3.2% – Here’s What Happened

Shares of FIGS, Inc. (NYSE:FIGS) were down 3.2% during mid-day trading on Thursday . The stock traded as low as $5.95 and last traded at $5.99. Approximately 388,852 shares changed hands during trading, a decline of 89% from the average daily volume of 3,472,006 shares. The stock had previously closed at $6.19.

Analysts Set New Price Targets

Several research firms recently commented on FIGS. Barclays cut their price objective on shares of FIGS from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 12th. The Goldman Sachs Group reduced their price objective on FIGS from $5.00 to $4.50 and set a “sell” rating for the company in a research report on Tuesday, December 10th. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $7.00 price objective on shares of FIGS in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, FIGS currently has an average rating of “Hold” and a consensus price target of $5.35.

FIGS Price Performance

The firm has a market capitalization of $995.09 million, a P/E ratio of 97.67, a PEG ratio of 299.52 and a beta of 1.33. The firm’s 50 day moving average is $5.59 and its two-hundred day moving average is $5.75.

Hedge Funds Weigh In On FIGS

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bamco Inc. NY raised its stake in FIGS by 12.5% in the third quarter. Bamco Inc. NY now owns 30,030,078 shares of the company’s stock valued at $205,406,000 after buying an additional 3,342,755 shares during the period. Squarepoint Ops LLC raised its stake in FIGS by 318.1% in the 2nd quarter. Squarepoint Ops LLC now owns 1,516,131 shares of the company’s stock valued at $8,081,000 after acquiring an additional 1,153,481 shares during the period. Rice Hall James & Associates LLC acquired a new stake in FIGS during the 2nd quarter valued at $3,856,000. Millennium Management LLC boosted its position in FIGS by 296.4% during the second quarter. Millennium Management LLC now owns 623,536 shares of the company’s stock worth $3,323,000 after purchasing an additional 466,252 shares during the period. Finally, Algert Global LLC increased its holdings in shares of FIGS by 175.4% in the second quarter. Algert Global LLC now owns 638,306 shares of the company’s stock valued at $3,402,000 after purchasing an additional 406,556 shares during the last quarter. Institutional investors own 92.21% of the company’s stock.

About FIGS

FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. It designs and sells healthcare apparel and scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel.