FIGS, Inc. $FIGS is Applied Fundamental Research LLC's 7th Largest Position

Key Points

• Applied Fundamental Research LLC has reduced its stake in FIGS, Inc. by 12.2%, now holding approximately 1.59 million shares, making FIGS its 7th largest position.
• FIGS reported a 5.8% year-over-year revenue increase of $152.64 million for the most recent quarter and beat EPS estimates, with earnings of $0.04 compared to expectations of $0.02.
• Insider trading activity shows that both the CEO and CFO sold shares recently, with insiders owning about 29.44% of the company's stock.

Applied Fundamental Research LLC reduced its position in shares of FIGS, Inc. (NYSE:FIGS - Free Report) by 12.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,592,780 shares of the company's stock after selling 221,469 shares during the period. FIGS makes up approximately 8.0% of Applied Fundamental Research LLC's portfolio, making the stock its 7th largest position. Applied Fundamental Research LLC owned about 0.98% of FIGS worth $8,983,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Ameriprise Financial Inc. raised its stake in shares of FIGS by 5.0% during the 1st quarter. Ameriprise Financial Inc. now owns 12,791,506 shares of the company's stock worth $58,713,000 after buying an additional 603,340 shares in the last quarter. Security Benefit Life Insurance Co. KS purchased a new position in shares of FIGS in the 1st quarter valued at about $6,962,000. Charles Schwab Investment Management Inc. increased its holdings in shares of FIGS by 11.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,043,970 shares of the company's stock valued at $4,792,000 after purchasing an additional 108,788 shares in the last quarter. Pacer Advisors Inc. purchased a new position in shares of FIGS in the 1st quarter valued at about $4,640,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of FIGS in the 1st quarter valued at about $3,727,000. 92.21% of the stock is owned by hedge funds and other institutional investors.

FIGS Stock Up 1.9%

Shares of NYSE:FIGS opened at $7.23 on Wednesday. The company has a market cap of $1.18 billion, a P/E ratio of 180.67, a P/E/G ratio of 4.55 and a beta of 1.33. FIGS, Inc. has a 52 week low of $3.57 and a 52 week high of $7.54. The business has a fifty day simple moving average of $6.92 and a 200-day simple moving average of $5.68.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. FIGS had a return on equity of 1.84% and a net margin of 1.26%.The company had revenue of $152.64 million during the quarter, compared to analysts' expectations of $144.17 million. During the same quarter in the previous year, the business earned $0.01 EPS. The firm's revenue was up 5.8% on a year-over-year basis. Sell-side analysts expect that FIGS, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Catherine Eva Spear sold 62,213 shares of FIGS stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $6.88, for a total value of $428,025.44. Following the transaction, the chief executive officer directly owned 1,907,033 shares of the company's stock, valued at $13,120,387.04. The trade was a 3.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sarah Oughtred sold 9,968 shares of the business's stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $7.36, for a total value of $73,364.48. Following the sale, the chief financial officer owned 868,090 shares of the company's stock, valued at $6,389,142.40. The trade was a 1.14% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 237,881 shares of company stock valued at $1,572,520. 29.44% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FIGS. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $7.00 target price (up from $5.00) on shares of FIGS in a report on Monday, August 4th. Weiss Ratings restated a "sell (d+)" rating on shares of FIGS in a research report on Wednesday, October 8th. Wall Street Zen upgraded FIGS from a "buy" rating to a "strong-buy" rating in a research report on Sunday. BTIG Research began coverage on shares of FIGS in a report on Tuesday. They set a "buy" rating and a $9.00 target price for the company. Finally, Morgan Stanley raised their target price on shares of FIGS from $4.25 to $5.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $6.10.

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.

Want to see what other hedge funds are holding FIGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FIGS, Inc. (NYSE:FIGS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.