FIGS (NYSE:FIGS) Raised to "Strong-Buy" at BTIG Research

Key Points

• FIGS was upgraded to a "strong-buy" rating by BTIG Research, indicating significant confidence in the company's growth potential.
• The stock recently saw a 6.2% increase in value, bringing its current price to $7.67, while maintaining a market capitalization of $1.25 billion.
• In the latest earnings report, FIGS exceeded expectations with $152.64 million in revenue and reported earnings per share of $0.04, reflecting a 5.8% growth year-over-year.

FIGS (NYSE:FIGS - Get Free Report) was upgraded by BTIG Research to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also issued reports on the company. Cowen reiterated a "hold" rating on shares of FIGS in a report on Friday, August 8th. The Goldman Sachs Group lifted their target price on shares of FIGS from $3.75 to $4.50 and gave the company a "sell" rating in a research note on Tuesday, July 22nd. Morgan Stanley raised their price target on shares of FIGS from $4.25 to $5.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Wall Street Zen raised shares of FIGS from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of FIGS in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, FIGS presently has an average rating of "Hold" and a consensus price target of $6.10.

FIGS Stock Up 6.2%

Shares of NYSE:FIGS opened at $7.67 on Tuesday. The firm has a fifty day moving average of $6.95 and a two-hundred day moving average of $5.69. The firm has a market capitalization of $1.25 billion, a P/E ratio of 191.67, a price-to-earnings-growth ratio of 4.63 and a beta of 1.33. FIGS has a 12-month low of $3.57 and a 12-month high of $7.74.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.02. FIGS had a net margin of 1.26% and a return on equity of 1.84%. The business had revenue of $152.64 million for the quarter, compared to the consensus estimate of $144.17 million. During the same period in the prior year, the business posted $0.01 earnings per share. FIGS's revenue for the quarter was up 5.8% compared to the same quarter last year. Equities research analysts expect that FIGS will post 0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Sarah Oughtred sold 99,834 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $6.19, for a total transaction of $617,972.46. Following the completion of the transaction, the chief financial officer owned 878,058 shares of the company's stock, valued at approximately $5,435,179.02. The trade was a 10.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Catherine Eva Spear sold 65,866 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $6.88, for a total value of $453,158.08. Following the completion of the sale, the chief executive officer directly owned 1,969,246 shares of the company's stock, valued at $13,548,412.48. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 237,881 shares of company stock valued at $1,572,520. Company insiders own 29.44% of the company's stock.

Institutional Investors Weigh In On FIGS

Hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC increased its stake in FIGS by 0.8% during the second quarter. Corient Private Wealth LLC now owns 332,938 shares of the company's stock valued at $1,878,000 after acquiring an additional 2,612 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of FIGS by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 77,219 shares of the company's stock worth $354,000 after purchasing an additional 3,276 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in FIGS by 12,795.0% during the second quarter. Farther Finance Advisors LLC now owns 5,158 shares of the company's stock worth $29,000 after buying an additional 5,118 shares in the last quarter. GAMMA Investing LLC increased its holdings in FIGS by 585.8% in the 1st quarter. GAMMA Investing LLC now owns 6,536 shares of the company's stock valued at $30,000 after buying an additional 5,583 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of FIGS by 6.9% in the 2nd quarter. Franklin Resources Inc. now owns 94,643 shares of the company's stock valued at $534,000 after buying an additional 6,133 shares in the last quarter. Institutional investors own 92.21% of the company's stock.

FIGS Company Profile

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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