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 research report issued on Saturday.

FIGS has been the topic of several other research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of FIGS in a research note on Monday, December 29th. Wolfe Research upgraded shares of FIGS to a “buy” rating in a report on Wednesday, December 10th. The Goldman Sachs Group lifted their price target on shares of FIGS from $5.50 to $7.50 and gave the stock a “sell” rating in a research report on Friday, January 30th. Morgan Stanley boosted their price target on shares of FIGS from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $9.00 price objective (up previously from $7.00) on shares of FIGS in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, FIGS currently has a consensus rating of “Hold” and a consensus price target of $10.10.

FIGS Trading Up 0.5%

Shares of FIGS opened at $10.26 on Friday. FIGS has a 1 year low of $3.57 and a 1 year high of $12.50. The stock has a market cap of $1.69 billion, a P/E ratio of 102.55 and a beta of 1.29. The stock’s 50-day moving average price is $11.45 and its two-hundred day moving average price is $9.00.

Insider Buying and Selling

In other news, CEO Catherine Eva Spear sold 49,734 shares of the business’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $11.38, for a total value of $565,972.92. Following the sale, the chief executive officer directly owned 1,857,299 shares in the company, valued at $21,136,062.62. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Heather L. Hasson sold 22,874 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.56, for a total value of $241,549.44. Following the transaction, the insider directly owned 1,251,967 shares of the company’s stock, valued at $13,220,771.52. This represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 105,813 shares of company stock valued at $1,168,051. Company insiders own 29.44% of the company’s stock.

Institutional Investors Weigh In On FIGS

A number of hedge funds and other institutional investors have recently bought and sold shares of FIGS. Marshall Wace LLP increased its position in shares of FIGS by 66.2% in the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock valued at $48,824,000 after acquiring an additional 1,712,610 shares during the last quarter. Formula Growth Ltd. acquired a new position in FIGS during the fourth quarter valued at approximately $1,074,000. Bridgefront Capital LLC bought a new position in FIGS in the fourth quarter valued at approximately $280,000. First Trust Advisors LP acquired a new position in shares of FIGS during the 4th quarter worth approximately $201,000. Finally, State Street Corp increased its position in shares of FIGS by 3.9% during the 4th quarter. State Street Corp now owns 2,429,194 shares of the company’s stock worth $27,596,000 after purchasing an additional 90,568 shares during the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

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.