BTIG Research Increases FIGS (NYSE:FIGS) Price Target to $22.00

Key Points

• BTIG Research raised its FIGS price target to $22 from $20 and maintained a “buy” rating, implying roughly 96.7% upside from the prior close.
• Analyst sentiment is mixed overall: FIGS has five buy ratings and six hold ratings, resulting in a consensus “hold” rating and an average price target of $17.50.
• FIGS reported quarterly EPS of $0.03 versus the $0.01 consensus estimate, while revenue rose 28% year over year to $159.9 million, exceeding expectations.

FIGS (NYSE:FIGS - Get Free Report) had its price objective hoisted by investment analysts at BTIG Research from $20.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price would suggest a potential upside of 96.73% from the company's previous close.

A number of other research analysts have also recently issued reports on FIGS. KeyCorp reaffirmed an "overweight" rating on shares of FIGS in a report on Friday. Zacks Research downgraded FIGS from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 8th. Barclays lifted their price objective on FIGS from $17.00 to $20.00 and gave the stock an "overweight" rating in a research note on Friday. Morgan Stanley upped their price objective on FIGS from $8.00 to $15.00 and gave the company an "equal weight" rating in a report on Monday, April 13th. Finally, Weiss Ratings lowered FIGS from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, FIGS presently has an average rating of "Hold" and an average price target of $17.50.

FIGS Trading Up 2.4%

Shares of FIGS stock opened at $11.18 on Friday. The firm has a market capitalization of $1.87 billion, a P/E ratio of 50.83 and a beta of 1.03. FIGS has a 1 year low of $6.07 and a 1 year high of $17.48. The firm's fifty day simple moving average is $10.87 and its 200 day simple moving average is $12.49.

FIGS (NYSE:FIGS - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The company had revenue of $159.90 million during the quarter, compared to the consensus estimate of $153.15 million. The company's quarterly revenue was up 28.0% compared to the same quarter last year. Equities research analysts anticipate that FIGS will post 0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Elevated Capital Advisors LLC bought a new position in FIGS during the 4th quarter worth $45,000. Quarry LP increased its position in shares of FIGS by 1,876.3% in the third quarter. Quarry LP now owns 7,846 shares of the company's stock worth $52,000 after purchasing an additional 7,449 shares during the period. Hudson Bay Capital Management LP acquired a new position in FIGS in the second quarter valued at about $61,000. Walleye Capital LLC acquired a new stake in FIGS during the second quarter worth about $65,000. Finally, Kemnay Advisory Services Inc. bought a new position in FIGS in the 4th quarter valued at about $69,000. 92.21% of the stock is owned by institutional investors and hedge funds.

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.

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