Renaissance Technologies LLC Lowers Stock Holdings in FIGS, Inc. $FIGS

Renaissance Technologies LLC reduced its position in shares of FIGS, Inc. (NYSE:FIGS) by 9.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,601,200 shares of the company’s stock after selling 164,000 shares during the quarter. Renaissance Technologies LLC’s holdings in FIGS were worth $23,650,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Elevated Capital Advisors LLC purchased a new position in shares of FIGS in the 4th quarter valued at $45,000. Quarry LP grew its stake 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 acquiring an additional 7,449 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in FIGS during the 2nd quarter valued at approximately $61,000. Walleye Capital LLC acquired a new position in shares of FIGS in the 2nd quarter valued at $65,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of FIGS in the fourth quarter valued at about $69,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.

FIGS Trading Up 2.0%

Shares of NYSE FIGS opened at $10.54 on Thursday. The stock has a market cap of $1.76 billion, a PE ratio of 47.91 and a beta of 1.01. FIGS, Inc. has a 12-month low of $6.07 and a 12-month high of $17.48. The company has a 50-day moving average of $11.07 and a 200 day moving average of $12.54.

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

Insider Buying and Selling

In other FIGS news, 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 transaction, the chairman owned 1,433,807 shares of the company’s stock, valued at approximately $20,546,454.31. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 23,597 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $14.33, for a total value of $338,145.01. Following the completion of the sale, the chief financial officer owned 1,129,791 shares of the company’s stock, valued at approximately $16,189,905.03. The trade was a 2.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 27.06% of the company’s stock.

Analyst Ratings Changes

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

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.