FIGS (NYSE:FIGS) Shares Down 4.5% – Should You Sell?

FIGS, Inc. (NYSE:FIGS)’s stock price dropped 4.5% on Monday . The stock traded as low as $14.01 and last traded at $14.0050. Approximately 1,713,668 shares traded hands during trading, a decline of 49% from the average daily volume of 3,340,587 shares. The stock had previously closed at $14.66.

Wall Street Analysts Forecast Growth

FIGS has been the subject of several recent research reports. Wall Street Zen upgraded FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of FIGS in a research report on Monday, December 29th. The Goldman Sachs Group upgraded FIGS from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. Telsey Advisory Group upped their price target on FIGS to $17.00 and gave the stock a “market perform” rating in a report on Thursday, March 12th. Finally, Oppenheimer raised shares of FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Friday, March 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.93.

FIGS Stock Performance

The firm has a fifty day simple moving average of $13.20 and a 200-day simple moving average of $10.86. The company has a market capitalization of $2.25 billion, a PE ratio of 71.73 and a beta of 1.20.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.08. The business had revenue of $201.90 million during the quarter, compared to the consensus estimate of $165.33 million. FIGS had a net margin of 5.43% and a return on equity of 8.41%. The business’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 earnings per share. As a group, research analysts anticipate that FIGS, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity

In other news, CFO Sarah Oughtred sold 22,690 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $10.56, for a total value of $239,606.40. Following the completion of the sale, the chief financial officer directly owned 821,500 shares in the company, valued at approximately $8,675,040. The trade was a 2.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Catherine Eva Spear sold 49,734 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $11.38, for a total value of $565,972.92. Following the transaction, the chief executive officer owned 1,857,299 shares in the company, valued at $21,136,062.62. This trade represents a 2.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 662,140 shares of company stock worth $10,542,161. 29.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FIGS

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP grew its stake in FIGS by 66.2% during the 4th quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock worth $48,824,000 after buying an additional 1,712,610 shares during the last quarter. Bamco Inc. NY raised its holdings in FIGS by 2.2% during the second quarter. Bamco Inc. NY now owns 59,974,407 shares of the company’s stock worth $338,256,000 after purchasing an additional 1,302,823 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in FIGS by 2,139.7% during the second quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after buying an additional 1,249,091 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in FIGS by 9.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after acquiring an additional 1,144,962 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of FIGS by 940.7% in the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company’s stock worth $5,212,000 after purchasing an additional 835,300 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

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.