FIGS (NYSE:FIGS) Trading 5% Higher – Here’s What Happened

FIGS, Inc. (NYSE:FIGS)’s stock price shot up 5% during mid-day trading on Friday . The stock traded as high as $8.00 and last traded at $8.08. 953,357 shares were traded during mid-day trading, a decline of 53% from the average session volume of 2,016,253 shares. The stock had previously closed at $7.69.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FIGS. BTIG Research began coverage on shares of FIGS in a research report on Tuesday. They issued a “buy” rating and a $9.00 price target for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of FIGS in a research report on Wednesday, October 8th. The Goldman Sachs Group raised their price objective on shares of FIGS from $3.75 to $4.50 and gave the stock a “sell” rating in a report on Tuesday, July 22nd. Telsey Advisory Group reaffirmed a “market perform” rating and set a $7.00 price objective (up previously from $5.00) on shares of FIGS in a report on Monday, August 4th. Finally, Cowen reaffirmed a “hold” rating on shares of FIGS in a report on Friday, August 8th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.10.

FIGS Stock Up 2.0%

The company’s fifty day moving average price is $7.00 and its two-hundred day moving average price is $5.74. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 196.17, a price-to-earnings-growth ratio of 5.04 and a beta of 1.33.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. FIGS had a net margin of 1.26% and a return on equity of 1.84%. The business had revenue of $152.64 million for the quarter, compared to analysts’ expectations of $144.17 million. During the same period in the prior year, the firm earned $0.01 earnings per share. FIGS’s revenue was up 5.8% compared to the same quarter last year. Research analysts forecast that FIGS, Inc. will post 0.01 earnings per share for the current year.

Insider Activity at FIGS

In other news, CFO Sarah Oughtred sold 9,968 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $7.36, for a total transaction of $73,364.48. Following the sale, the chief financial officer directly owned 868,090 shares of the company’s stock, valued at $6,389,142.40. This represents a 1.14% 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 62,213 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $6.88, for a total transaction of $428,025.44. Following the sale, the chief executive officer directly owned 1,907,033 shares in the company, valued at $13,120,387.04. This trade represents a 3.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 237,881 shares of company stock worth $1,572,520 over the last three months. 29.44% of the stock is owned by insiders.

Hedge Funds Weigh In On FIGS

A number of hedge funds and other institutional investors have recently bought and sold shares of FIGS. Security Benefit Life Insurance Co. KS bought a new position in FIGS in the first quarter valued at approximately $6,962,000. Bamco Inc. NY boosted its stake in FIGS by 2.2% in the second quarter. Bamco Inc. NY now owns 59,974,407 shares of the company’s stock valued at $338,256,000 after acquiring an additional 1,302,823 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in FIGS by 2,139.7% in the second quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after acquiring an additional 1,249,091 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in FIGS by 9.0% in the second quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after acquiring an additional 1,144,962 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new position in FIGS in the first quarter valued at approximately $4,640,000. 92.21% of the stock is owned by institutional investors.

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.