FIGS, Inc. $FIGS Shares Sold by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its FIGS stake by 62.3% in the fourth quarter, selling 600,751 shares and leaving it with 362,809 shares valued at about $4.1 million.
• Several other institutions adjusted their holdings, while insiders also sold shares: CEO Catherine Eva Spear and CFO Sarah Oughtred both completed pre-arranged Rule 10b5-1 sales, and insiders sold 685,516 shares in the last quarter.
• FIGS reported quarterly earnings of $0.03 per share on revenue of $159.9 million, beating analyst estimates and marking 28% revenue growth year over year. Analysts currently rate the stock a consensus Moderate Buy with a target price of $15.93.

ProShare Advisors LLC trimmed its position in FIGS, Inc. (NYSE:FIGS - Free Report) by 62.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,809 shares of the company's stock after selling 600,751 shares during the quarter. ProShare Advisors LLC owned approximately 0.22% of FIGS worth $4,122,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. May Hill Capital LLC acquired a new position in FIGS in the fourth quarter valued at approximately $117,000. Jennison Associates LLC purchased a new position in FIGS in the fourth quarter valued at approximately $5,717,000. Keybank National Association OH acquired a new stake in FIGS during the fourth quarter worth approximately $147,000. R Squared Ltd acquired a new stake in FIGS during the fourth quarter worth approximately $120,000. Finally, UBS Group AG raised its holdings in FIGS by 45.2% during the fourth quarter. UBS Group AG now owns 277,151 shares of the company's stock worth $3,148,000 after purchasing an additional 86,268 shares in the last quarter. Institutional investors and hedge funds own 92.21% of the company's stock.

Insider Buying and Selling

In related news, CEO Catherine Eva Spear sold 62,335 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $14.44, for a total transaction of $900,117.40. Following the transaction, the chief executive officer owned 1,794,964 shares in the company, valued at $25,919,280.16. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sarah Oughtred sold 23,597 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $338,145.01. Following the transaction, the chief financial officer owned 1,129,791 shares in the company, valued at $16,189,905.03. This represents a 2.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 685,516 shares of company stock worth $11,233,441 in the last quarter. 29.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FIGS. The Goldman Sachs Group raised shares of FIGS from a "strong sell" rating to a "hold" rating in a report on Friday, February 27th. Zacks Research cut shares of FIGS from a "strong-buy" rating to a "hold" rating in a report on Friday, May 8th. Barclays raised shares of FIGS from a "hold" rating to a "strong-buy" rating in a report on Friday, February 27th. BTIG Research reissued a "buy" rating and set a $20.00 price objective on shares of FIGS in a report on Friday, April 24th. Finally, Wall Street Zen raised shares of FIGS from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $15.93.

FIGS Stock Up 1.0%

NYSE:FIGS opened at $12.57 on Friday. The stock's 50 day moving average price is $14.29 and its 200 day moving average price is $12.37. The company has a market capitalization of $2.10 billion, a PE ratio of 57.14 and a beta of 1.12. FIGS, Inc. has a 52-week low of $4.25 and a 52-week high of $17.48.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. The firm had revenue of $159.90 million for the quarter, compared to the consensus estimate of $153.15 million. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The company's quarterly revenue was up 28.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that FIGS, Inc. will post 0.25 EPS for the current fiscal year.

About FIGS

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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