FIGS (NYSE:FIGS) Upgraded by Oppenheimer to “Outperform” Rating

FIGS (NYSE:FIGS) was upgraded by research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. The brokerage currently has a $22.00 target price on the stock. Oppenheimer’s target price points to a potential upside of 54.88% from the stock’s current price.

A number of other research analysts have also recently commented on FIGS. BTIG Research reissued a “buy” rating and issued a $15.00 target price on shares of FIGS in a research note on Friday, February 27th. The Goldman Sachs Group raised FIGS from a “strong sell” rating to a “hold” rating in a research note on Friday, February 27th. Telsey Advisory Group upped their price objective on FIGS to $17.00 and gave the stock a “market perform” rating in a report on Thursday, March 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of FIGS in a research report on Monday, December 29th. Finally, Wall Street Zen raised FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.93.

FIGS Price Performance

Shares of FIGS stock opened at $14.21 on Friday. FIGS has a 1 year low of $3.57 and a 1 year high of $17.48. The firm has a market cap of $2.34 billion, a PE ratio of 74.77 and a beta of 1.22. The company has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $10.20.

FIGS (NYSE:FIGS) last issued its quarterly 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. The firm had revenue of $201.90 million for the quarter, compared to analyst estimates of $165.33 million. FIGS had a net margin of 5.43% and a return on equity of 8.41%. The business’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. As a group, research analysts anticipate that FIGS will post 0.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Sarah Oughtred sold 22,690 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $10.56, for a total value of $239,606.40. Following the transaction, the chief financial officer owned 821,500 shares in the company, valued at approximately $8,675,040. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Catherine Eva Spear sold 49,734 shares of FIGS stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $11.38, for a total transaction of $565,972.92. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. Insiders have sold 662,140 shares of company stock valued at $10,542,161 in the last ninety days. Company insiders own 29.44% of the company’s stock.

Institutional Investors Weigh In On FIGS

A number of large investors have recently added to or reduced their stakes in the company. Assetmark Inc. purchased a new position in shares of FIGS in the third quarter valued at about $35,000. Elevated Capital Advisors LLC bought a new position in shares of FIGS during the fourth quarter valued at about $45,000. Quarry LP boosted its holdings in shares of FIGS by 1,876.3% during the third quarter. Quarry LP now owns 7,846 shares of the company’s stock worth $52,000 after purchasing an additional 7,449 shares during the period. Hudson Bay Capital Management LP bought a new stake in shares of FIGS in the second quarter worth about $61,000. Finally, Walleye Capital LLC bought a new stake in shares of FIGS in the second quarter worth about $65,000. Institutional investors 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.