Arrowstreet Capital Limited Partnership Acquires 2,546,905 Shares of FIGS, Inc. $FIGS

Arrowstreet Capital Limited Partnership increased its stake in shares of FIGS, Inc. (NYSE:FIGS) by 167.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,070,258 shares of the company’s stock after buying an additional 2,546,905 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 2.45% of FIGS worth $60,118,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in shares of FIGS by 9.0% in the 2nd 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. Dimensional Fund Advisors LP increased its stake 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 buying an additional 70,660 shares during the period. Marshall Wace LLP raised its holdings in FIGS by 66.2% during the 4th 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 during the last quarter. Geode Capital Management LLC lifted its holdings in FIGS by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 2,957,667 shares of the company’s stock valued at $33,608,000 after buying an additional 145,270 shares during the period. Finally, State Street Corp lifted its stake in shares of FIGS by 3.9% in the 4th quarter. State Street Corp now owns 2,429,194 shares of the company’s stock valued at $27,596,000 after purchasing an additional 90,568 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

FIGS Stock Up 4.7%

Shares of FIGS stock opened at $9.96 on Tuesday. The stock has a fifty day moving average of $11.13 and a 200 day moving average of $12.56. FIGS, Inc. has a 52 week low of $6.07 and a 52 week high of $17.48. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 45.28 and a beta of 1.01.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The company had revenue of $159.90 million for the quarter, compared to analyst estimates of $153.15 million. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The firm’s quarterly revenue was up 28.0% compared to the same quarter last year. Equities research analysts anticipate that FIGS, Inc. will post 0.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FIGS shares. Weiss Ratings downgraded shares of FIGS from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. KeyCorp restated an “overweight” rating on shares of FIGS in a research note on Tuesday, June 23rd. BTIG Research restated a “buy” rating and set a $20.00 price target on shares of FIGS in a research note on Friday, April 24th. Zacks Research lowered shares of FIGS from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 8th. Finally, Morgan Stanley increased their price objective on FIGS from $8.00 to $15.00 and gave the stock an “equal weight” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, FIGS has a consensus rating of “Moderate Buy” and a consensus target price of $15.93.

Insider Buying and Selling at FIGS

In other FIGS news, CFO Sarah Oughtred sold 23,597 shares of FIGS stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $338,145.01. Following the sale, the chief financial officer owned 1,129,791 shares of the company’s stock, valued at $16,189,905.03. The trade was a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Heather L. Hasson sold 32,385 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $14.33, for a total transaction of $464,077.05. Following the completion of the sale, the chairman owned 1,433,807 shares in the company, valued at $20,546,454.31. This represents a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.06% of the stock is owned by company insiders.

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.