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

Key Points

• FIGS has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, indicating increased optimism about the company's future performance.
• The stock's current average target price is $5.38, with a consensus rating of "Reduce" based on multiple analysts' assessments.
• CEO and CFO have sold significant portions of their shares recently, with CEO Catherine Eva Spear selling 65,866 shares and CFO Sarah Oughtred selling 99,834 shares, indicating changes in insider ownership.

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

Several other research analysts also recently commented on FIGS. Telsey Advisory Group reissued a "market perform" rating and issued a $7.00 price objective (up from $5.00) on shares of FIGS in a research note on Monday, August 4th. Weiss Ratings reissued a "sell (d+)" rating on shares of FIGS in a research note on Wednesday. Morgan Stanley increased their price objective on FIGS from $4.25 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. The Goldman Sachs Group increased their price objective on FIGS from $3.75 to $4.50 and gave the company a "sell" rating in a research note on Tuesday, July 22nd. Finally, Cowen reissued 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 issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $5.38.

FIGS Stock Performance

NYSE FIGS opened at $6.90 on Friday. The business has a fifty day moving average price of $6.88 and a 200 day moving average price of $5.64. FIGS has a one year low of $3.57 and a one year high of $7.54. The company has a market cap of $1.13 billion, a P/E ratio of 172.54, a P/E/G ratio of 4.42 and a beta of 1.33.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. FIGS had a return on equity of 1.84% and a net margin of 1.26%.The firm had revenue of $152.64 million during the quarter, compared to the consensus estimate of $144.17 million. During the same period in the prior year, the company earned $0.01 EPS. The firm's revenue was up 5.8% compared to the same quarter last year. As a group, sell-side analysts predict that FIGS will post 0.01 EPS for the current fiscal year.

Insider Transactions at FIGS

In related news, CEO Catherine Eva Spear sold 65,866 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.88, for a total transaction of $453,158.08. Following the completion of the transaction, the chief executive officer directly owned 1,969,246 shares in the company, valued at $13,548,412.48. This trade represents a 3.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sarah Oughtred sold 99,834 shares of the firm'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 transaction, the chief financial officer owned 878,058 shares of the company's stock, valued at $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. Insiders have sold a total of 237,881 shares of company stock valued at $1,572,520 over the last 90 days. 29.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FIGS

A number of hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC raised its position in FIGS by 940.7% in the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company's stock valued at $5,212,000 after purchasing an additional 835,300 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in FIGS in the 2nd quarter valued at about $61,000. Nomura Holdings Inc. acquired a new stake in FIGS in the 2nd quarter valued at about $898,000. Tower Research Capital LLC TRC raised its position in FIGS by 631.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 54,712 shares of the company's stock valued at $309,000 after purchasing an additional 47,235 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in FIGS by 0.8% in the 2nd quarter. Corient Private Wealth LLC now owns 332,938 shares of the company's stock valued at $1,878,000 after purchasing an additional 2,612 shares in the last quarter. 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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