FIGS (NYSE:FIGS) Stock Rating Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded FIGS to “strong buy”, while analysts overall rate the stock “Moderate Buy” with a consensus price target of $21.62.
• FIGS beat quarterly expectations, reporting EPS of $0.10 versus $0.07 forecast and revenue of $190.69 million, up 25.7% year over year.
• The shares fell 2.7% to $22.07. CFO Sarah Oughtred and CEO Catherine Spear also sold shares; the CEO’s sale was reported as covering tax withholding on vested equity awards.

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

FIGS has been the subject of several other research reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $16.00 target price on shares of FIGS in a report on Friday, August 7th. Roth Capital reissued a "buy" rating on shares of FIGS in a research report on Friday, August 7th. BTIG Research upped their price target on FIGS from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. Telsey Advisory Group lowered their price target on FIGS from $17.00 to $16.00 and set a "market perform" rating for the company in a research report on Friday, August 7th. Finally, Oppenheimer raised their price target on FIGS from $22.00 to $25.00 and gave the stock an "outperform" rating in a research report on Thursday, October 29th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, FIGS presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.62.

FIGS Trading Down 2.7%

FIGS traded down $0.61 on Friday, hitting $22.07. The company had a trading volume of 3,351,846 shares, compared to its average volume of 4,121,187. The firm has a market cap of $3.66 billion, a P/E ratio of 58.07 and a beta of 1.05. FIGS has a 1 year low of $8.95 and a 1 year high of $23.76. The company's fifty day moving average price is $17.06 and its 200 day moving average price is $13.91.

FIGS (NYSE:FIGS - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $0.10 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.03. The company had revenue of $190.69 million for the quarter, compared to analysts' expectations of $182.82 million. FIGS had a net margin of 9.67% and a return on equity of 14.65%. FIGS's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. On average, analysts predict that FIGS will post 0.36 earnings per share for the current year.

Insider Activity

In other news, CFO Sarah Oughtred sold 90,000 shares of the stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $21.92, for a total transaction of $1,972,800.00. Following the sale, the chief financial officer owned 954,007 shares of the company's stock, valued at approximately $20,911,833.44. This represents a 8.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Catherine Spear sold 4,044,284 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $19.70, for a total transaction of $79,672,394.80. Following the completion of the transaction, the chief executive officer directly owned 1,671,854 shares of the company's stock, valued at approximately $32,935,523.80. The trade was a 70.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 27.06% of the stock is currently owned by corporate insiders.

Institutional Trading of FIGS

Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc lifted its position in shares of FIGS by 120.2% in the 2nd quarter. IFP Advisors Inc now owns 4,389 shares of the company's stock worth $45,000 after buying an additional 2,396 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of FIGS by 848.2% during the 3rd quarter. Sterling Capital Management LLC now owns 3,167 shares of the company's stock valued at $44,000 after buying an additional 2,833 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of FIGS during the 2nd quarter valued at about $41,000. State of Wyoming grew its position in shares of FIGS by 6.9% during the 3rd quarter. State of Wyoming now owns 69,746 shares of the company's stock valued at $967,000 after buying an additional 4,487 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in FIGS by 13.9% during the first quarter. The Manufacturers Life Insurance Company now owns 60,354 shares of the company's stock worth $891,000 after acquiring an additional 7,348 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

FIGS Company Profile

FIGS, Inc. designs and sells apparel and accessories for healthcare professionals. Its products include scrubs, underscrubs, lab coats, outerwear, footwear, compression socks and other work-related accessories, with an emphasis on functional design and performance fabrics. The company primarily sells through its e-commerce platform, serving healthcare workers in the United States and internationally. Its offerings are aimed at professionals across a range of medical roles and care settings. FIGS was founded in 2013 by Heather Hasson and Trina Spear.

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