FIGS (NYSE:FIGS) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded FIGS from “strong-buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with a $18.71 average price target.
• FIGS reported quarterly EPS of $0.15, beating the $0.07 consensus estimate, while revenue of $196.62 million exceeded forecasts and increased 28.8% year over year.
• The stock opened at $13.09, with a market capitalization of about $2.18 billion; institutional investors own a substantial 92.21% of outstanding shares.

FIGS (NYSE:FIGS - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research firms have also commented on FIGS. BTIG Research upped their price objective on FIGS from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Weiss Ratings raised shares of FIGS from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 21st. The Goldman Sachs Group reiterated a "neutral" rating and issued a $16.00 target price on shares of FIGS in a research note on Friday, August 7th. Roth Capital reissued a "buy" rating on shares of FIGS in a report on Friday, August 7th. Finally, KeyCorp raised their price target on shares of FIGS from $19.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.71.

FIGS Stock Performance

Shares of FIGS opened at $13.09 on Friday. The business's 50-day moving average is $12.78 and its two-hundred day moving average is $13.17. The company has a market capitalization of $2.18 billion, a P/E ratio of 39.68 and a beta of 1.07. FIGS has a fifty-two week low of $6.50 and a fifty-two week high of $17.48.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.08. The business had revenue of $196.62 million during the quarter, compared to analyst estimates of $186.17 million. FIGS had a return on equity of 12.53% and a net margin of 8.72%.The company's revenue was up 28.8% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS. Analysts forecast that FIGS will post 0.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGS. Tidal Investments LLC grew its stake in FIGS by 69.6% in the 2nd quarter. Tidal Investments LLC now owns 27,467 shares of the company's stock valued at $281,000 after acquiring an additional 11,270 shares during the period. Integrated Wealth Concepts LLC acquired a new position in FIGS during the second quarter worth $41,000. IFP Advisors Inc lifted its holdings in FIGS by 120.2% during the second quarter. IFP Advisors Inc now owns 4,389 shares of the company's stock valued at $45,000 after purchasing an additional 2,396 shares in the last quarter. Navellier & Associates Inc. lifted its holdings in FIGS by 118.8% during the second quarter. Navellier & Associates Inc. now owns 44,128 shares of the company's stock valued at $451,000 after purchasing an additional 23,957 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of FIGS in the second quarter valued at about $12,304,000. Hedge funds and other institutional investors own 92.21% of the company's stock.

About FIGS

FIGS, Inc is a direct-to-consumer healthcare apparel and lifestyle company that designs and sells clothing, footwear and accessories for healthcare professionals. Its product portfolio includes medical scrubs, scrub jackets, lab coats, underscrubs, outerwear, shoes, bags and other work-related accessories.

The company markets its products through its digital platform, retail locations and selected wholesale channels. FIGS emphasizes technical fabrics, comfort, functionality and contemporary styling, seeking to provide alternatives to traditional medical uniforms for nurses, physicians and other healthcare workers.

FIGS was founded in 2013 by Heather Hasson and Trina Spear and is headquartered in Santa Monica, California.

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