FIGS (NYSE:FIGS) Downgraded by Wall Street Zen to "Buy"

Key Points

• FIGS was downgraded by Wall Street Zen from a "strong-buy" to a "buy" rating, indicating a shift in analysts' confidence regarding the stock's performance.
• Recent earnings data revealed FIGS reported $0.04 earnings per share, surpassing analysts' expectations, with a revenue of $152.64 million for the quarter, a year-over-year increase of 5.8%.
• Insider selling activity has been noted, with CEO Catherine Eva Spear and CFO Sarah Oughtred decreasing their holdings, highlighting potential concerns regarding future stock performance.

FIGS (NYSE:FIGS - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts have also recently weighed in on the company. Cowen reaffirmed a "hold" rating on shares of FIGS in a research note on Friday, August 8th. Weiss Ratings reissued a "sell (d+)" rating on shares of FIGS in a research note on Saturday, September 27th. Telsey Advisory Group reissued a "market perform" rating and set a $7.00 target price (up from $5.00) on shares of FIGS in a research note on Monday, August 4th. The Goldman Sachs Group boosted their target price on FIGS from $3.75 to $4.50 and gave the stock a "sell" rating in a research note on Tuesday, July 22nd. Finally, Morgan Stanley boosted their target price on FIGS from $4.25 to $5.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. One 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $5.38.

FIGS Trading Down 2.9%

Shares of NYSE FIGS opened at $7.12 on Friday. FIGS has a twelve month low of $3.57 and a twelve month high of $7.54. The stock has a fifty day simple moving average of $6.84 and a 200-day simple moving average of $5.55. The stock has a market capitalization of $1.16 billion, a PE ratio of 178.14, a PEG ratio of 4.71 and a beta of 1.33.

FIGS (NYSE:FIGS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.02. FIGS had a return on equity of 1.84% and a net margin of 1.26%.The business had revenue of $152.64 million during the quarter, compared to analysts' expectations of $144.17 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. On average, equities analysts predict that FIGS will post 0.01 earnings per share for the current year.

Insider Activity

In related news, CEO Catherine Eva Spear sold 65,866 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.88, for a total value of $453,158.08. Following the transaction, the chief executive officer owned 1,969,246 shares in the company, valued at $13,548,412.48. The trade was a 3.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Sarah Oughtred sold 99,834 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $6.19, for a total value of $617,972.46. Following the completion of the transaction, the chief financial officer owned 878,058 shares in the company, valued at $5,435,179.02. This trade represents a 10.21% decrease in their position. The disclosure for this sale can be found here. Insiders own 29.44% of the company's stock.

Hedge Funds Weigh In On FIGS

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC increased its position in FIGS by 12,795.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,158 shares of the company's stock valued at $29,000 after acquiring an additional 5,118 shares during the period. GAMMA Investing LLC increased its position in FIGS by 585.8% during the 1st quarter. GAMMA Investing LLC now owns 6,536 shares of the company's stock worth $30,000 after purchasing an additional 5,583 shares during the period. Capstone Financial Advisors Inc. acquired a new position in FIGS during the 2nd quarter worth approximately $56,000. Hudson Bay Capital Management LP acquired a new position in FIGS during the 2nd quarter worth approximately $61,000. Finally, Walleye Capital LLC acquired a new position in FIGS during the 2nd quarter worth approximately $65,000. Institutional investors and hedge funds own 92.21% of the company's stock.

About FIGS

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.

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