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

Key Points

• FIGS has been upgraded from a "hold" rating to a "strong-buy" rating by Wall Street Zen, reflecting a positive shift in analysts' outlook.
• The company reported earnings of $0.04 EPS for the last quarter, exceeding analyst expectations and showing a revenue increase of 5.8% year-over-year.
• Institutional investors are actively buying shares, with 92.21% of the stock now owned by hedge funds and institutional investors, indicating strong investor confidence in FIGS.

FIGS (NYSE:FIGS - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a research report issued on Saturday.

Several other brokerages have also commented on FIGS. 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 research 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 research report on Tuesday, July 22nd. Morgan Stanley lifted their price objective on shares of FIGS from $4.25 to $5.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Barclays reaffirmed a "positive" rating on shares of FIGS in a research report on Tuesday, May 13th. Finally, Cowen reaffirmed a "hold" rating on shares of FIGS in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $5.38.

FIGS Stock Up 3.8%

FIGS stock traded up $0.26 during midday trading on Friday, hitting $6.89. 693,604 shares of the stock were exchanged, compared to its average volume of 2,057,901. FIGS has a 52-week low of $3.57 and a 52-week high of $7.05. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 172.17, a price-to-earnings-growth ratio of 4.52 and a beta of 1.34. The business's 50-day moving average price is $5.86 and its 200-day moving average price is $5.09.

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 the consensus estimate 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 analysts' expectations of $144.17 million. During the same period in the previous year, the company earned $0.01 earnings per share. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, sell-side analysts predict that FIGS will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Sarah Oughtred sold 99,834 shares of the business'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 value of $617,972.46. Following the sale, the chief financial officer owned 878,058 shares of the company's stock, valued at $5,435,179.02. The trade was a 10.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 29.44% of the stock is currently owned by company insiders.

Institutional Trading of FIGS

Several hedge funds and other institutional investors have recently modified their holdings of FIGS. SG Americas Securities LLC increased its holdings in FIGS by 88.6% during the 1st quarter. SG Americas Securities LLC now owns 107,951 shares of the company's stock worth $495,000 after acquiring an additional 50,720 shares during the period. Security Benefit Life Insurance Co. KS bought a new position in shares of FIGS in the 1st quarter worth $6,962,000. Susquehanna Fundamental Investments LLC bought a new position in shares of FIGS in the 4th quarter worth $1,270,000. Two Sigma Investments LP increased its holdings in shares of FIGS by 151.9% in the 4th quarter. Two Sigma Investments LP now owns 433,432 shares of the company's stock worth $2,683,000 after buying an additional 261,367 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of FIGS in the 1st quarter worth $700,000. Institutional investors 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.