FIGS (NYSE:FIGS) Stock Price Down 5.9% – Here’s What Happened

FIGS, Inc. (NYSE:FIGS) was down 5.9% on Tuesday . The stock traded as low as $10.46 and last traded at $10.4250. 1,405,870 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 3,336,698 shares. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

FIGS has been the subject of a number of recent analyst reports. Oppenheimer upgraded FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Friday, March 20th. Zacks Research lowered shares of FIGS from a “strong-buy” rating to a “hold” rating in a report on Friday, May 8th. Weiss Ratings lowered shares of FIGS from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. KeyCorp reiterated an “overweight” rating on shares of FIGS in a research report on Tuesday, June 23rd. Finally, Telsey Advisory Group raised their price objective on shares of FIGS to $17.00 and gave the stock a “market perform” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.93.

FIGS Trading Down 6.2%

The stock’s fifty day moving average price is $12.81 and its 200 day moving average price is $12.80. The stock has a market cap of $1.74 billion, a P/E ratio of 47.39 and a beta of 1.04.

FIGS (NYSE:FIGS) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. FIGS had a net margin of 6.10% and a return on equity of 9.69%. The company had revenue of $159.90 million during the quarter, compared to analyst estimates of $153.15 million. FIGS’s revenue was up 28.0% on a year-over-year basis. As a group, sell-side analysts forecast that FIGS, Inc. will post 0.25 earnings per share for the current year.

Insider Transactions at FIGS

In related news, CFO Sarah Oughtred sold 23,597 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $338,145.01. Following the sale, the chief financial officer owned 1,129,791 shares in the company, valued at $16,189,905.03. This represents a 2.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Catherine Eva Spear sold 62,335 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $14.44, for a total value of $900,117.40. Following the transaction, the chief executive officer directly owned 1,794,964 shares of the company’s stock, valued at approximately $25,919,280.16. This trade represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 129,189 shares of company stock valued at $1,859,331 in the last ninety days. 27.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FIGS

A number of hedge funds have recently bought and sold shares of FIGS. Elevated Capital Advisors LLC bought a new stake in FIGS during the 4th quarter valued at about $45,000. Quarry LP grew 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 valued at $52,000 after buying an additional 7,449 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of FIGS during the second quarter valued at approximately $61,000. Walleye Capital LLC purchased a new position in FIGS in the 2nd quarter worth approximately $65,000. Finally, Kemnay Advisory Services Inc. bought a new position in FIGS in the 4th quarter valued at approximately $69,000. Institutional investors 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.