Bank of America Corp DE Grows Stock Holdings in FIGS, Inc. $FIGS

Key Points

• Bank of America increased its FIGS stake by 190.3% in the first quarter, acquiring 517,918 additional shares for a total of 790,013 shares worth approximately $11.7 million. Institutional investors collectively own 92.21% of the company.
• Analyst sentiment remains positive overall, with six Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $18.71. Recent targets range from $16 at Goldman Sachs to $22 at BTIG Research.
• FIGS reported quarterly earnings of $0.15 per share, exceeding estimates of $0.07, while revenue rose 28.8% year over year to $196.62 million. The stock opened at $14.75, compared with a 52-week range of $6.49 to $17.48.

Bank of America Corp DE grew its holdings in FIGS, Inc. (NYSE:FIGS - Free Report) by 190.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 790,013 shares of the company's stock after acquiring an additional 517,918 shares during the period. Bank of America Corp DE owned about 0.47% of FIGS worth $11,668,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new position in shares of FIGS during the 4th quarter valued at about $69,000. OP Asset Management Ltd bought a new position in shares of FIGS during the 1st quarter valued at approximately $115,000. Quarry LP raised its stake 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 acquiring an additional 7,449 shares during the period. May Hill Capital LLC purchased a new stake in FIGS in the 4th quarter worth about $117,000. Finally, Aigen Investment Management LP purchased a new stake in shares of FIGS in the fourth quarter worth approximately $118,000. Institutional investors own 92.21% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $16.00 price objective on shares of FIGS in a research report on Friday, August 7th. KeyCorp lifted their target price on FIGS from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. BTIG Research upped their price target on FIGS from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Zacks Research lowered shares of FIGS from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of FIGS in a research note on Friday, August 7th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.71.

FIGS Stock Performance

FIGS stock opened at $14.75 on Friday. The company's 50 day simple moving average is $11.48 and its 200-day simple moving average is $12.72. FIGS, Inc. has a 1 year low of $6.49 and a 1 year high of $17.48. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 44.70 and a beta of 1.03.

FIGS (NYSE:FIGS - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.08. FIGS had a return on equity of 12.53% and a net margin of 8.72%.The company had revenue of $196.62 million during the quarter, compared to analysts' expectations of $186.17 million. During the same period last year, the business posted $0.04 EPS. FIGS's revenue for the quarter was up 28.8% on a year-over-year basis. Equities analysts expect that FIGS, Inc. will post 0.32 earnings per share for the current year.

FIGS Profile

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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