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

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 stock analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a report issued on Saturday.

A number of other equities analysts have also weighed in on FIGS. Barclays reissued a "positive" rating on shares of FIGS in a research report on Tuesday, May 13th. Telsey Advisory Group reissued a "market perform" rating and issued a $7.00 target price (up previously from $5.00) on shares of FIGS in a research report on Monday, August 4th. Morgan Stanley boosted their target price on FIGS from $4.25 to $5.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. The Goldman Sachs Group boosted their target price on FIGS from $3.75 to $4.50 and gave the stock a "sell" rating in a research report on Tuesday, July 22nd. Finally, Cowen reissued 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 issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $5.38.

FIGS Stock Performance

Shares of FIGS traded up $0.08 during trading hours on Friday, hitting $6.30. The company had a trading volume of 2,639,609 shares, compared to its average volume of 2,070,192. The firm has a fifty day moving average price of $5.78 and a 200-day moving average price of $5.08. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 157.41 and a beta of 1.34. FIGS has a 52-week low of $3.57 and a 52-week high of $7.05.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.02. The firm had revenue of $152.64 million during the quarter, compared to analyst estimates of $144.17 million. FIGS had a return on equity of 1.85% and a net margin of 1.26%. FIGS's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS. Research analysts anticipate that FIGS will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other FIGS news, 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 directly owned 878,058 shares in the company, valued at $5,435,179.02. The trade was a 10.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FIGS. Wells Fargo & Company MN grew its stake in shares of FIGS by 298.7% during the 4th quarter. Wells Fargo & Company MN now owns 969,271 shares of the company's stock valued at $6,000,000 after acquiring an additional 726,169 shares during the period. Invesco Ltd. grew its stake in shares of FIGS by 2.7% during the 4th quarter. Invesco Ltd. now owns 145,734 shares of the company's stock valued at $902,000 after acquiring an additional 3,879 shares during the period. Legal & General Group Plc grew its stake in shares of FIGS by 5.4% during the 4th quarter. Legal & General Group Plc now owns 126,338 shares of the company's stock valued at $782,000 after acquiring an additional 6,416 shares during the period. DRW Securities LLC bought a new position in shares of FIGS during the 4th quarter valued at approximately $223,000. Finally, Black Creek Investment Management Inc. grew its stake in shares of FIGS by 8.6% during the 4th quarter. Black Creek Investment Management Inc. now owns 1,175,097 shares of the company's stock valued at $7,274,000 after acquiring an additional 92,743 shares during the period. 92.21% of the stock is currently owned by institutional investors.

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.