FIGS (NYSE:FIGS) Price Target Cut to $13.00

FIGS (NYSE:FIGSGet Rating) had its target price dropped by analysts at Barclays from $34.00 to $13.00 in a research report issued to clients and investors on Monday, The Fly reports. The brokerage currently has a “na” rating on the stock. Barclays‘s price objective would suggest a potential upside of 34.44% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. FIG Partners downgraded shares of FIGS from a “buy” rating to a “neutral” rating and reduced their price target for the company from $32.00 to $12.00 in a research report on Monday. KeyCorp reduced their price target on shares of FIGS from $45.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, January 20th. Telsey Advisory Group reduced their price target on shares of FIGS from $46.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, March 3rd. Bank of America downgraded shares of FIGS from a “buy” rating to a “neutral” rating and reduced their price target for the company from $32.00 to $12.00 in a research report on Monday. Finally, Zacks Investment Research downgraded shares of FIGS from a “buy” rating to a “hold” rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $25.71.

FIGS stock traded up $0.03 during mid-day trading on Monday, hitting $9.67. 8,223,117 shares of the stock were exchanged, compared to its average volume of 2,896,240. FIGS has a 12 month low of $9.23 and a 12 month high of $50.40. The firm’s fifty day simple moving average is $18.01 and its two-hundred day simple moving average is $22.91. The stock has a market capitalization of $1.59 billion and a price-to-earnings ratio of -80.58.

FIGS (NYSE:FIGSGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The company had revenue of $110.10 million for the quarter, compared to analyst estimates of $117.33 million. FIGS had a negative return on equity of 2.05% and a negative net margin of 2.73%. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. On average, analysts forecast that FIGS will post 0.28 earnings per share for the current year.

In related news, CFO Daniella Turenshine sold 8,414 shares of the business’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $14.63, for a total value of $123,096.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Thomas Tull acquired 29,185 shares of the stock in a transaction that occurred on Thursday, April 21st. The stock was purchased at an average price of $17.13 per share, for a total transaction of $499,939.05. Following the completion of the purchase, the insider now directly owns 25,670,175 shares in the company, valued at approximately $439,730,097.75. The disclosure for this purchase can be found here. Insiders have bought a total of 361,972 shares of company stock worth $7,254,405 over the last quarter.

Institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. raised its stake in FIGS by 37.5% in the 3rd quarter. Franklin Resources Inc. now owns 3,826,484 shares of the company’s stock valued at $142,116,000 after acquiring an additional 1,043,628 shares during the period. Maryland State Retirement & Pension System purchased a new position in FIGS during the 4th quarter valued at about $209,000. Shell Asset Management Co. purchased a new position in FIGS during the 4th quarter valued at about $160,000. Twinbeech Capital LP purchased a new position in FIGS during the 3rd quarter valued at about $317,000. Finally, Advisor Group Holdings Inc. grew its holdings in FIGS by 1,532.2% during the 3rd quarter. Advisor Group Holdings Inc. now owns 28,253 shares of the company’s stock valued at $1,053,000 after buying an additional 26,522 shares in the last quarter. Institutional investors and hedge funds own 70.56% of the company’s stock.

About FIGS (Get Rating)

FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. It designs and sells healthcare apparel and other non-scrub offerings, such as lab coats, under scrubs, outerwear, activewear, loungewear, compression socks footwear, and masks. It also offers sports bras, performance leggings, tops, super-soft pima cotton tops, vests, and jackets.

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