Oppenheimer Upgrades FIGS (NYSE:FIGS) to Outperform

FIGS (NYSE:FIGS) was upgraded by equities researchers at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued on Friday, MarketBeat.com reports. The brokerage currently has a $22.00 target price on the stock. Oppenheimer’s price target would indicate a potential upside of 55.20% from the company’s current price.

FIGS has been the topic of several other reports. Wolfe Research raised FIGS to a “buy” rating in a report on Wednesday, December 10th. BTIG Research reissued a “buy” rating and issued a $15.00 price target on shares of FIGS in a report on Friday, February 27th. Weiss Ratings restated a “hold (c-)” rating on shares of FIGS in a research report on Monday, December 29th. KeyCorp raised shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 price objective on the stock in a research note on Friday, February 27th. Finally, Barclays raised shares of FIGS from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.93.

FIGS Stock Performance

NYSE:FIGS opened at $14.18 on Friday. FIGS has a fifty-two week low of $3.57 and a fifty-two week high of $17.48. The stock has a market capitalization of $2.33 billion, a P/E ratio of 74.61 and a beta of 1.22. The company’s 50-day simple moving average is $12.56 and its 200-day simple moving average is $10.27.

FIGS (NYSE:FIGS) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.08. The company had revenue of $201.90 million for the quarter, compared to the consensus estimate of $165.33 million. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The firm’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same period last year, the firm earned $0.01 EPS. On average, research analysts forecast that FIGS will post 0.01 EPS for the current year.

Insider Buying and Selling

In other FIGS news, insider Heather L. Hasson sold 556,327 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the transaction, the insider owned 1,251,967 shares in the company, valued at approximately $21,095,643.95. This represents a 30.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Catherine Eva Spear sold 49,734 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $11.38, for a total value of $565,972.92. Following the completion of the sale, the chief executive officer directly owned 1,857,299 shares in the company, valued at approximately $21,136,062.62. The trade was a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 662,140 shares of company stock valued at $10,542,161. 29.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On FIGS

A number of institutional investors have recently added to or reduced their stakes in the stock. Bamco Inc. NY increased its holdings in FIGS by 2.2% in the 2nd quarter. Bamco Inc. NY now owns 59,974,407 shares of the company’s stock worth $338,256,000 after acquiring an additional 1,302,823 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in FIGS by 9.0% during the second quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after purchasing an additional 1,144,962 shares in the last quarter. Vanguard Group Inc. grew its position in shares of FIGS by 4.6% in the third quarter. Vanguard Group Inc. now owns 9,609,320 shares of the company’s stock valued at $64,286,000 after purchasing an additional 425,189 shares during the period. Dimensional Fund Advisors LP grew its position in shares of FIGS by 1.6% in the third quarter. Dimensional Fund Advisors LP now owns 4,417,008 shares of the company’s stock valued at $29,549,000 after purchasing an additional 70,660 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of FIGS by 66.2% during the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock worth $48,824,000 after purchasing an additional 1,712,610 shares in the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

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.