FIGS (NYSE:FIGS) Downgraded by Wall Street Zen to Buy

FIGS (NYSE:FIGS) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. Telsey Advisory Group reduced their target price on shares of FIGS from $17.00 to $16.00 and set a “market perform” rating for the company in a research note on Friday, August 7th. Roth Capital reiterated a “buy” rating on shares of FIGS in a report on Friday, August 7th. KeyCorp upped their price objective on FIGS from $20.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday. Barclays lifted their price target on shares of FIGS from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Oppenheimer raised their price objective on shares of FIGS from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

FIGS Trading Down 1.2%

FIGS opened at $19.96 on Friday. The company’s 50 day moving average is $16.34 and its 200-day moving average is $13.64. The company has a market cap of $3.32 billion, a P/E ratio of 52.53 and a beta of 1.05. FIGS has a 1-year low of $8.00 and a 1-year high of $22.46.

FIGS (NYSE:FIGS) last issued its earnings results on Thursday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. FIGS had a return on equity of 12.53% and a net margin of 8.72%. The business had revenue of $190.69 million during the quarter, compared to the consensus estimate of $182.82 million. During the same period last year, the company earned $0.05 EPS. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. On average, equities analysts forecast that FIGS will post 0.32 EPS for the current year.

Institutional Trading of FIGS

Several hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its position in FIGS by 167.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company’s stock worth $60,118,000 after purchasing an additional 2,546,905 shares during the period. Wellington Management Group LLP acquired a new position in shares of FIGS during the 2nd quarter worth $12,304,000. Jennison Associates LLC lifted 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 buying an additional 897,935 shares in the last quarter. Bank of America Corp DE raised its stake in shares of FIGS by 190.3% in 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 last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in FIGS during the 1st quarter valued at about $7,028,000. 92.21% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about FIGS

Here are the key news stories impacting FIGS this week:

• Positive Sentiment: KeyCorp raised its price target on FIGS to $27 from $20 and reiterated an “overweight” rating. The new target implies 35.3% upside from the cited $19.96 share price. KeyCorp ratings
• Positive Sentiment: FIGS reported Q3 revenue of $190.7 million, up 25.7% year over year and above the $182.8 million analyst estimate. Earnings of $0.10 per share also beat the $0.07 consensus and doubled the year-ago $0.05. Q3 earnings report
• Positive Sentiment: Management also provided optimistic revenue guidance for the next quarter, adding to the upbeat earnings report. Q3 sales and guidance article
• Negative Sentiment: A recent analysis described FIGS as “priced for perfection” after a substantial run-up, suggesting high expectations could limit further gains or magnify a disappointment. Valuation analysis

About FIGS

FIGS, Inc is a direct-to-consumer healthcare apparel and lifestyle company that designs and sells clothing and accessories for healthcare professionals. Its product portfolio includes scrubs, underscrubs, outerwear, footwear, bags and other accessories intended to combine functionality, comfort and contemporary design.

The company sells primarily through its digital platform and also operates retail locations and other distribution channels. FIGS serves healthcare professionals in the United States and select international markets, including Canada, the United Kingdom and Australia.

FIGS was founded in 2013 by Heather Hasson and Trina Spear.