FIGS, Inc. $FIGS Stake Decreased by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its FIGS stake by 74.8% in the second quarter, selling 406,100 shares and retaining 136,665 shares worth approximately $1.4 million. Institutional investors overall own 92.21% of FIGS.
• Analyst sentiment remains cautiously positive, with six Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $18.71.
• FIGS reported stronger-than-expected quarterly results: earnings of $0.15 per share versus $0.07 expected, while revenue rose 28.8% year over year to $196.62 million. Shares opened at $12.91, down 2.7%.

Squarepoint Ops LLC cut its holdings in shares of FIGS, Inc. (NYSE:FIGS - Free Report) by 74.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,665 shares of the company's stock after selling 406,100 shares during the period. Squarepoint Ops LLC owned approximately 0.08% of FIGS worth $1,398,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its stake in FIGS by 167.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company's stock valued at $60,118,000 after acquiring an additional 2,546,905 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of FIGS by 7.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,552,919 shares of the company's stock worth $52,472,000 after purchasing an additional 257,644 shares in the last quarter. Jennison Associates LLC grew its stake in shares of FIGS by 178.4% in the first quarter. Jennison Associates LLC now owns 1,401,214 shares of the company's stock worth $20,696,000 after purchasing an additional 897,935 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of FIGS during the second quarter valued at $12,304,000. Finally, Bank of America Corp DE increased its holdings in shares of FIGS by 190.3% during the first quarter. Bank of America Corp DE now owns 790,013 shares of the company's stock valued at $11,668,000 after purchasing an additional 517,918 shares during the period. 92.21% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FIGS shares. Telsey Advisory Group reduced their price objective on shares of FIGS from $17.00 to $16.00 and set a "market perform" rating for the company in a report on Friday, August 7th. BTIG Research raised their target price on shares of FIGS from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Roth Capital reissued a "buy" rating on shares of FIGS in a research note on Friday, August 7th. KeyCorp boosted their price target on shares of FIGS from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $16.00 price target 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.71.

FIGS Stock Down 2.7%

Shares of FIGS stock opened at $12.91 on Thursday. The stock has a 50-day simple moving average of $12.66 and a 200 day simple moving average of $13.19. The stock has a market capitalization of $2.15 billion, a P/E ratio of 39.14 and a beta of 1.07. FIGS, Inc. has a fifty-two week low of $6.50 and a fifty-two week high of $17.48.

FIGS (NYSE:FIGS - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.07 by $0.08. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The firm had revenue of $196.62 million for the quarter, compared to analysts' expectations of $186.17 million. During the same period in the previous year, the business earned $0.04 earnings per share. FIGS's revenue for the quarter was up 28.8% compared to the same quarter last year. On average, sell-side analysts anticipate that FIGS, Inc. will post 0.32 earnings per share for the current year.

About FIGS

FIGS, Inc is a direct-to-consumer healthcare apparel and lifestyle company that designs and sells clothing, footwear and accessories for healthcare professionals. Its product portfolio includes medical scrubs, scrub jackets, lab coats, underscrubs, outerwear, shoes, bags and other work-related accessories.

The company markets its products through its digital platform, retail locations and selected wholesale channels. FIGS emphasizes technical fabrics, comfort, functionality and contemporary styling, seeking to provide alternatives to traditional medical uniforms for nurses, physicians and other healthcare workers.

FIGS was founded in 2013 by Heather Hasson and Trina Spear and is headquartered in Santa Monica, California.

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