FIGS (NYSE:FIGS) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Key Points

• FIGS has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, reflecting increasing analyst optimism about the company's growth potential.
• Despite the positive upgrade, several analysts maintain a consensus rating of "Hold" on the stock, with a price target of $5.38.
• Institutional investors own 92.21% of FIGS stock, indicating strong support and confidence from larger investment firms.

Wall Street Zen upgraded shares of FIGS (NYSE:FIGS - Free Report) from a buy rating to a strong-buy rating in a research report released on Saturday morning.

A number of other equities analysts also recently commented on the stock. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $7.00 price objective (up previously from $5.00) on shares of FIGS in a report on Monday, August 4th. The Goldman Sachs Group lifted their price objective on shares of FIGS from $3.75 to $4.50 and gave the stock a "sell" rating in a report on Tuesday, July 22nd. Morgan Stanley raised their target price on FIGS from $4.25 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Cowen reiterated a "hold" rating on shares of FIGS in a research note on Friday, August 8th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $5.38.

FIGS Stock Performance

Shares of FIGS stock traded up $0.06 during mid-day trading on Friday, reaching $6.93. 113,857 shares of the company were exchanged, compared to its average volume of 2,052,111. FIGS has a fifty-two week low of $3.57 and a fifty-two week high of $7.54. The company has a market capitalization of $1.13 billion, a P/E ratio of 173.42, a P/E/G ratio of 4.66 and a beta of 1.34. The business's 50 day simple moving average is $6.72 and its 200 day simple moving average is $5.43.

FIGS (NYSE:FIGS - Get Free Report) last released 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. The business had revenue of $152.64 million during the quarter, compared to the consensus estimate of $144.17 million. FIGS had a net margin of 1.26% and a return on equity of 1.84%. The business's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 earnings per share. On average, analysts forecast that FIGS will post 0.01 EPS for the current year.

Insider Activity

In other FIGS news, CEO Catherine Eva Spear sold 65,866 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $6.88, for a total value of $453,158.08. Following the sale, the chief executive officer directly owned 1,969,246 shares in the company, valued at approximately $13,548,412.48. The trade was a 3.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the chief financial officer owned 878,058 shares in the company, valued at approximately $5,435,179.02. This trade represents a 10.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FIGS

A number of institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its stake in FIGS by 940.7% in the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company's stock worth $5,212,000 after purchasing an additional 835,300 shares in the last quarter. Hudson Bay Capital Management LP purchased a new position in FIGS during the 2nd quarter valued at about $61,000. Nomura Holdings Inc. purchased a new position in FIGS during the 2nd quarter valued at about $898,000. Tower Research Capital LLC TRC grew its stake in FIGS by 631.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 54,712 shares of the company's stock valued at $309,000 after acquiring an additional 47,235 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in FIGS by 0.8% during the 2nd 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 in the last quarter. Hedge funds and other 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.