FIGS (NYSE:FIGS) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of FIGS (NYSE:FIGS) from a strong-buy rating to a buy rating in a report released on Saturday.

A number of other analysts have also recently commented on the company. Morgan Stanley upped their price target on FIGS from $4.25 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Cowen restated a “hold” rating on shares of FIGS in a research report on Friday, August 8th. The Goldman Sachs Group upped their price target on FIGS from $3.75 to $4.50 and gave the stock a “sell” rating in a research report on Tuesday, July 22nd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $7.00 price objective (up previously from $5.00) on shares of FIGS in a research note on Monday, August 4th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of FIGS in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, FIGS has a consensus rating of “Reduce” and an average price target of $5.38.

FIGS Price Performance

Shares of FIGS opened at $7.03 on Friday. FIGS has a one year low of $3.57 and a one year high of $7.54. The firm has a market capitalization of $1.15 billion, a P/E ratio of 175.79, a PEG ratio of 4.56 and a beta of 1.33. The business has a fifty day moving average of $6.84 and a 200 day moving average of $5.59.

FIGS (NYSE:FIGS) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $152.64 million during the quarter, compared to analyst estimates of $144.17 million. FIGS had a return on equity of 1.84% and a net margin of 1.26%.FIGS’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.01 earnings per share. Analysts expect that FIGS will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Catherine Eva Spear sold 65,866 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.88, for a total transaction of $453,158.08. Following the completion of the transaction, the chief executive officer directly owned 1,969,246 shares of the company’s stock, valued at approximately $13,548,412.48. This represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sarah Oughtred sold 99,834 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $6.19, for a total value of $617,972.46. Following the transaction, the chief financial officer directly owned 878,058 shares of the company’s stock, valued at approximately $5,435,179.02. The trade was a 10.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 237,881 shares of company stock valued at $1,572,520. 29.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FIGS

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bamco Inc. NY raised its position in FIGS by 2.2% during the second quarter. Bamco Inc. NY now owns 59,974,407 shares of the company’s stock valued at $338,256,000 after purchasing an additional 1,302,823 shares during the period. Ameriprise Financial Inc. raised its position in FIGS by 9.0% during the second 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 during the period. Security Benefit Life Insurance Co. KS purchased a new stake in FIGS during the first quarter valued at approximately $6,962,000. Black Creek Investment Management Inc. raised its position in FIGS by 18.9% during the second quarter. Black Creek Investment Management Inc. now owns 1,418,691 shares of the company’s stock valued at $8,001,000 after purchasing an additional 225,696 shares during the period. Finally, BNP Paribas Financial Markets raised its position in FIGS by 2,139.7% during the second quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after purchasing an additional 1,249,091 shares during the period. 92.21% of the stock is owned by institutional investors.

FIGS Company Profile

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.