FIGS (NYSE:FIGS) Trading Down 3.8% - What's Next?

Key Points

• FIGS, Inc. shares fell 3.8% on Friday, trading as low as $7.29, with volume declining 89% from its average daily volume.
• Several analysts adjusted their price targets for FIGS, with Morgan Stanley increasing it to $5.00 and Goldman Sachs reducing it to $4.50, while the overall consensus rating remains at "Hold".
• Insider trading activity included the CEO selling over 65,000 shares and the CFO selling nearly 100,000 shares, indicating confidence in the company's stock despite significant sales.

FIGS, Inc. (NYSE:FIGS - Get Free Report)'s stock price dropped 3.8% on Friday . The stock traded as low as $7.29 and last traded at $7.16. Approximately 217,372 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 2,022,815 shares. The stock had previously closed at $7.44.

Analyst Ratings Changes

A number of brokerages have recently commented on FIGS. Morgan Stanley lifted their price target on shares of FIGS from $4.25 to $5.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. The Goldman Sachs Group boosted their target price on FIGS from $3.75 to $4.50 and gave the company a "sell" rating in a research report on Tuesday, July 22nd. Wall Street Zen downgraded shares of FIGS from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $7.00 price target (up from $5.00) on shares of FIGS in a research report on Monday, August 4th. Finally, Cowen reaffirmed a "hold" rating on shares of FIGS in a report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.38.

FIGS Trading Down 2.1%

The business has a 50 day moving average price of $6.68 and a 200-day moving average price of $5.39. The firm has a market capitalization of $1.19 billion, a PE ratio of 180.92, a P/E/G ratio of 4.67 and a beta of 1.34.

FIGS (NYSE:FIGS - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.04 EPS 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 the consensus estimate of $144.17 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The business's revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities research analysts forecast that FIGS, Inc. will post 0.01 earnings per share for the current year.

Insiders Place Their Bets

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 transaction, the chief executive officer directly owned 1,969,246 shares in the company, valued at $13,548,412.48. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sarah Oughtred sold 99,834 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were 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 directly owned 878,058 shares of the company's stock, valued at approximately $5,435,179.02. This represents a 10.21% decrease in their position. The disclosure for this sale can be found here. 29.44% of the stock is owned by insiders.

Institutional Investors Weigh In On FIGS

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its position 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 acquiring an additional 5,118 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of FIGS by 585.8% in the first quarter. GAMMA Investing LLC now owns 6,536 shares of the company's stock valued at $30,000 after acquiring an additional 5,583 shares in the last quarter. Capstone Financial Advisors Inc. purchased a new stake in shares of FIGS during the 2nd quarter valued at approximately $56,000. Hudson Bay Capital Management LP bought a new stake in shares of FIGS during the 2nd quarter valued at about $61,000. Finally, Walleye Capital LLC purchased a new position in FIGS in the 2nd quarter worth approximately $65,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

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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