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

Shares of FIGS, Inc. (NYSE:FIGS) gapped up prior to trading 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.

FIGS has been the topic of several other research reports. Wall Street Zen upgraded shares of FIGS from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Wolfe Research raised shares of FIGS to a “buy” rating in a research note on Wednesday, December 10th. The Goldman Sachs Group upgraded shares of FIGS from a “strong sell” rating to a “hold” rating in a report on Friday, February 27th. BTIG Research reiterated a “buy” rating and issued a $15.00 price target on shares of FIGS in a research note on Friday, February 27th. Finally, Morgan Stanley increased their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.93.

Insider Activity

In related news, insider Heather L. Hasson sold 556,327 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the sale, the insider owned 1,251,967 shares of the company’s stock, valued at $21,095,643.95. This represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Catherine Eva Spear sold 49,734 shares of the stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $11.38, for a total transaction of $565,972.92. Following the transaction, the chief executive officer owned 1,857,299 shares of the company’s stock, valued at $21,136,062.62. This trade represents a 2.61% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 662,140 shares of company stock worth $10,542,161. 29.44% of the stock is currently owned by insiders.

Institutional Trading of FIGS

A number of large investors have recently made changes to their positions in FIGS. Corient Private Wealth LLC lifted its holdings in shares of FIGS by 6.3% in the 4th quarter. Corient Private Wealth LLC now owns 350,694 shares of the company’s stock valued at $3,984,000 after acquiring an additional 20,843 shares during the last quarter. Invesco Ltd. grew its position in FIGS by 135.9% in the fourth quarter. Invesco Ltd. now owns 503,470 shares of the company’s stock worth $5,719,000 after acquiring an additional 290,052 shares in the last quarter. Zacks Investment Management bought a new stake in FIGS during the fourth quarter worth approximately $1,217,000. VARCOV Co. bought a new stake in FIGS during the fourth quarter worth approximately $409,000. Finally, Voloridge Investment Management LLC raised its position in FIGS by 77.3% during the fourth quarter. Voloridge Investment Management LLC now owns 332,960 shares of the company’s stock valued at $3,782,000 after purchasing an additional 145,135 shares during the period. 92.21% of the stock is currently owned by institutional investors.

FIGS Trading Down 0.3%

The firm has a market capitalization of $2.33 billion, a P/E ratio of 74.61 and a beta of 1.22. The firm has a 50 day moving average price of $12.56 and a 200-day moving average price of $10.25.

FIGS (NYSE:FIGS) last announced its earnings results on Thursday, February 26th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $165.33 million. During the same quarter in the previous year, the business earned $0.01 EPS. The company’s quarterly revenue was up 33.0% on a year-over-year basis. Research analysts anticipate that FIGS, Inc. will post 0.01 earnings per share for the current year.

FIGS Company Profile

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.