FIGS (NYSE:FIGS) Shares Gap Up After Analyst Upgrade

Shares of FIGS, Inc. (NYSE:FIGS) gapped up before the market opened on Friday after Oppenheimer upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $14.22, but opened at $14.84. Oppenheimer now has a $22.00 price target on the stock. FIGS shares last traded at $14.5750, with a volume of 629,151 shares traded.

Several other analysts have also recently issued reports on FIGS. Telsey Advisory Group upped their price objective on FIGS to $17.00 and gave the company a “market perform” rating in a research note on Thursday, March 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of FIGS in a research report on Monday, December 29th. Wall Street Zen upgraded FIGS from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. The Goldman Sachs Group upgraded shares of FIGS from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. Finally, KeyCorp raised shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, FIGS currently has an average rating of “Moderate Buy” and a consensus target price of $13.93.

Insider Buying and Selling

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 transaction, the insider owned 1,251,967 shares in the company, valued at $21,095,643.95. The trade was a 30.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sarah Oughtred sold 22,690 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 821,500 shares of the company’s stock, valued at approximately $8,675,040. The trade was a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 662,140 shares of company stock valued at $10,542,161. Insiders own 29.44% of the company’s stock.

Institutional Trading of FIGS

Several hedge funds have recently bought and sold shares of FIGS. Assetmark Inc. acquired a new position in FIGS during the 3rd quarter valued at about $35,000. Elevated Capital Advisors LLC acquired a new stake in shares of FIGS in the fourth quarter valued at approximately $45,000. Quarry LP raised its holdings in shares of FIGS by 1,876.3% during the third quarter. Quarry LP now owns 7,846 shares of the company’s stock valued at $52,000 after buying an additional 7,449 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of FIGS during the second quarter valued at approximately $61,000. Finally, Walleye Capital LLC acquired a new position in shares of FIGS during the second quarter worth approximately $65,000. 92.21% of the stock is currently owned by institutional investors.

FIGS Stock Up 2.4%

The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 76.46 and a beta of 1.22. The company has a 50-day moving average price of $12.52 and a 200-day moving average price of $10.20.

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

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.