FIGS (NYSE:FIGS) Shares Gap Down - Here's What Happened

Key Points

• Gap down: FIGS shares opened down from $16.51 to $16.00 and were last quoted at $15.4140, off about 4.8% with ~864,677 shares trading.
• Analyst sentiment is mixed-to-positive with a consensus rating of "Moderate Buy" and an average price target of $15.64, alongside notable upgrades such as Oppenheimer to "outperform" ($22) and Barclays to "strong-buy".
• Insider selling: CEO Heather Hasson sold 556,327 shares for roughly $9.37M, insiders have sold 675,098 shares in the past 90 days, and insiders still own about 29.44% of the stock.

FIGS, Inc. (NYSE:FIGS - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $16.51, but opened at $16.00. FIGS shares last traded at $15.4140, with a volume of 864,677 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FIGS. KeyCorp upgraded shares of FIGS from a "sector weight" rating to an "overweight" rating and set a $17.00 target price on the stock in a report on Friday, February 27th. Oppenheimer raised shares of FIGS from a "market perform" rating to an "outperform" rating and set a $22.00 price target for the company in a research report on Friday, March 20th. Morgan Stanley increased their price objective on shares of FIGS from $8.00 to $15.00 and gave the company an "equal weight" rating in a research note on Monday, April 13th. Barclays raised shares of FIGS from a "hold" rating to a "strong-buy" rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of FIGS in a research note on Friday, April 10th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, FIGS presently has a consensus rating of "Moderate Buy" and an average price target of $15.64.

FIGS Stock Down 4.8%

The business has a 50-day moving average price of $14.49 and a 200-day moving average price of $11.72. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 82.60 and a beta of 1.20.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The firm had revenue of $201.90 million during the quarter, compared to analysts' expectations of $165.33 million. During the same quarter last year, the firm earned $0.01 EPS. The business's quarterly revenue was up 33.0% on a year-over-year basis. On average, equities research analysts forecast that FIGS, Inc. will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In other FIGS news, insider Heather L. Hasson sold 556,327 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the sale, the insider owned 1,251,967 shares of the company's stock, valued at approximately $21,095,643.95. The trade was a 30.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sarah Oughtred sold 10,872 shares of the company's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $14.44, for a total transaction of $156,991.68. Following the transaction, the chief financial officer owned 1,153,388 shares in the company, valued at $16,654,922.72. The trade was a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 675,098 shares of company stock valued at $10,912,375. 29.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On FIGS

A number of large investors have recently made changes to their positions in the stock. Elevated Capital Advisors LLC acquired a new position in shares of FIGS in the 4th quarter valued at $45,000. Assetmark Inc. acquired a new stake in FIGS during the 3rd quarter worth about $35,000. Kemnay Advisory Services Inc. purchased a new stake in FIGS during the 4th quarter valued at about $69,000. OP Asset Management Ltd acquired a new position in shares of FIGS in the first quarter valued at about $115,000. Finally, Quarry LP increased its holdings in shares of FIGS by 1,876.3% in the third quarter. Quarry LP now owns 7,846 shares of the company's stock valued at $52,000 after purchasing an additional 7,449 shares during the period. 92.21% of the stock is owned by hedge funds and other institutional investors.

About FIGS

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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