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

FIGS (NYSE:FIGS) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Friday.

Several other research analysts also recently commented on the company. Morgan Stanley raised their target price on FIGS from $4.25 to $5.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Cowen restated a “hold” rating on shares of FIGS in a research report on Friday, August 8th. The Goldman Sachs Group upped their target price on shares of FIGS from $3.75 to $4.50 and gave the stock a “sell” rating in a report on Tuesday, July 22nd. Barclays reiterated a “positive” rating on shares of FIGS in a research note on Tuesday, May 13th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $7.00 price target (up from $5.00) on shares of FIGS in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.38.

FIGS Trading Up 1.1%

FIGS stock opened at $6.91 on Friday. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 172.67, a P/E/G ratio of 4.38 and a beta of 1.34. The firm has a 50 day simple moving average of $6.44 and a 200 day simple moving average of $5.28. FIGS has a 1-year low of $3.57 and a 1-year high of $7.31.

FIGS (NYSE:FIGS) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $152.64 million during the quarter, compared to analyst estimates of $144.17 million. FIGS had a return on equity of 1.84% and a net margin of 1.26%.The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share. On average, equities research analysts forecast that FIGS will post 0.01 EPS for the current year.

Insider Buying and Selling at FIGS

In related news, CEO Catherine Eva Spear sold 65,866 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.88, for a total value of $453,158.08. Following the transaction, the chief executive officer owned 1,969,246 shares of the company’s stock, valued at $13,548,412.48. This represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sarah Oughtred sold 99,834 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $6.19, for a total value of $617,972.46. Following the sale, the chief financial officer owned 878,058 shares in the company, valued at $5,435,179.02. The trade was a 10.21% decrease in their position. The disclosure for this sale can be found here. Company insiders own 29.44% of the company’s stock.

Hedge Funds Weigh In On FIGS

A number of large investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC increased its stake in 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 during the period. Hudson Bay Capital Management LP purchased a new stake in shares of FIGS during the second quarter valued at approximately $61,000. Nomura Holdings Inc. purchased a new stake in FIGS in the second quarter worth about $898,000. Tower Research Capital LLC TRC increased its stake in shares of FIGS by 631.7% during the second quarter. Tower Research Capital LLC TRC now owns 54,712 shares of the company’s stock valued at $309,000 after purchasing an additional 47,235 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in shares of FIGS by 0.8% during the second quarter. Corient Private Wealth LLC now owns 332,938 shares of the company’s stock valued at $1,878,000 after purchasing an additional 2,612 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

About FIGS

FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. It designs and sells healthcare apparel and scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel.