FIGS, Inc. (NYSE:FIGS) Sees Significant Increase in Short Interest

FIGS, Inc. (NYSE:FIGS) was the target of a significant growth in short interest during the month of February. As of February 27th, there was short interest totaling 11,971,322 shares, a growth of 17.5% from the February 12th total of 10,190,570 shares. Based on an average trading volume of 6,592,784 shares, the days-to-cover ratio is presently 1.8 days. Approximately 10.3% of the shares of the stock are sold short. Approximately 10.3% of the shares of the stock are sold short. Based on an average trading volume of 6,592,784 shares, the days-to-cover ratio is presently 1.8 days.

FIGS Stock Down 0.7%

Shares of FIGS traded down $0.11 during midday trading on Wednesday, reaching $14.30. The company had a trading volume of 1,644,717 shares, compared to its average volume of 3,467,177. FIGS has a 1-year low of $3.57 and a 1-year high of $17.48. The firm has a 50 day simple moving average of $12.42 and a 200-day simple moving average of $10.14. The stock has a market cap of $2.35 billion, a PE ratio of 75.46 and a beta of 1.22.

FIGS (NYSE:FIGS) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. FIGS had a net margin of 5.43% and a return on equity of 8.41%. The firm had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $165.33 million. During the same quarter in the previous year, the company posted $0.01 EPS. The company’s revenue was up 33.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that FIGS will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at FIGS

In related news, insider Heather L. Hasson sold 556,327 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the completion of the sale, the insider directly owned 1,251,967 shares in the company, valued at approximately $21,095,643.95. The trade was a 30.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sarah Oughtred sold 22,690 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $10.56, for a total value of $239,606.40. Following the completion of the transaction, the chief financial officer directly owned 821,500 shares of the company’s stock, valued at approximately $8,675,040. This represents a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 662,140 shares of company stock valued at $10,542,161 over the last quarter. 29.44% of the stock is currently owned by insiders.

Institutional Trading of FIGS

Several hedge funds have recently made changes to their positions in the company. Assetmark Inc. acquired a new stake in shares of FIGS during the 3rd quarter worth approximately $35,000. Elevated Capital Advisors LLC acquired a new position in FIGS in the fourth quarter valued at approximately $45,000. Quarry LP grew its position in FIGS by 1,876.3% in the third quarter. Quarry LP now owns 7,846 shares of the company’s stock worth $52,000 after acquiring an additional 7,449 shares during the period. Hudson Bay Capital Management LP purchased a new position in FIGS in the second quarter worth approximately $61,000. Finally, Walleye Capital LLC acquired a new stake in FIGS during the second quarter worth $65,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Analyst Upgrades and Downgrades

FIGS has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of FIGS in a research note on Monday, December 29th. BTIG Research reiterated a “buy” rating and issued a $15.00 target price on shares of FIGS in a research report on Friday, February 27th. Wolfe Research raised shares of FIGS to a “buy” rating in a research note on Wednesday, December 10th. Barclays upgraded shares of FIGS from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Finally, KeyCorp upgraded shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective for the company in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, FIGS has a consensus rating of “Moderate Buy” and a consensus price target of $12.58.

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.