FIGS (NYSE:FIGS) Shares Down 4.5% Following Insider Selling

FIGS, Inc. (NYSE:FIGS)’s share price traded down 4.5% on Monday after an insider sold shares in the company. The company traded as low as $14.01 and last traded at $14.0050. 1,713,668 shares traded hands during trading, a decline of 49% from the average session volume of 3,340,587 shares. The stock had previously closed at $14.66.

Specifically, CEO Catherine Eva Spear sold 62,335 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $14.44, for a total transaction of $900,117.40. Following the sale, the chief executive officer directly owned 1,794,964 shares in the company, valued at approximately $25,919,280.16. The trade was a 3.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sarah Oughtred sold 10,872 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $14.44, for a total transaction of $156,991.68. Following the sale, the chief financial officer owned 1,153,388 shares in the company, valued at $16,654,922.72. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. KeyCorp upgraded shares of FIGS from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a research report on Friday, February 27th. BTIG Research reaffirmed a “buy” rating and set a $15.00 price target on shares of FIGS in a research note on Friday, February 27th. Wall Street Zen raised FIGS from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Wolfe Research raised FIGS to a “buy” rating in a research note on Wednesday, December 10th. Finally, Morgan Stanley lifted their price target on FIGS from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, FIGS presently has an average rating of “Moderate Buy” and an average price target of $13.93.

FIGS Trading Up 7.7%

The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 76.53 and a beta of 1.20. The firm has a 50 day moving average price of $13.28 and a 200-day moving average price of $10.94.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.08. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The business had revenue of $201.90 million during the quarter, compared to the consensus estimate of $165.33 million. During the same quarter in the previous year, the company posted $0.01 EPS. The business’s revenue was up 33.0% on a year-over-year basis. As a group, equities analysts expect that FIGS, Inc. will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FIGS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in FIGS by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 77,219 shares of the company’s stock valued at $354,000 after purchasing an additional 3,276 shares during the last quarter. Woodline Partners LP acquired a new position in FIGS in the 1st quarter valued at about $3,199,000. Creative Planning raised its stake in FIGS by 181.3% in the 2nd quarter. Creative Planning now owns 65,740 shares of the company’s stock valued at $371,000 after purchasing an additional 42,367 shares during the last quarter. Franklin Resources Inc. raised its stake in FIGS by 6.9% in the 2nd quarter. Franklin Resources Inc. now owns 94,643 shares of the company’s stock valued at $534,000 after purchasing an additional 6,133 shares during the last quarter. Finally, Prudential Financial Inc. purchased a new stake in FIGS in the 2nd quarter valued at about $70,000. Institutional investors and hedge funds own 92.21% of the company’s stock.

About FIGS

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.