Hedges Asset Management LLC Sells 60,000 Shares of FIGS, Inc. $FIGS

Key Points

• Hedges Asset Management LLC reduced its stake in FIGS, Inc. by 47.4%, selling 60,000 shares during the second quarter, leaving it with 66,500 shares valued at $375,000.
• Following recent sales, CFO Sarah Oughtred and CEO Catherine Eva Spear saw their holdings decrease by 10.21% and 3.24%, respectively, with Oughtred owning 878,058 shares and Spear owning 1,969,246 shares.
• FIGS, Inc. has shown a 5.8% revenue increase year-over-year, reporting $152.64 million in revenue, and had better-than-expected EPS of $0.04 for the latest quarter.

Hedges Asset Management LLC lowered its stake in shares of FIGS, Inc. (NYSE:FIGS - Free Report) by 47.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,500 shares of the company's stock after selling 60,000 shares during the quarter. Hedges Asset Management LLC's holdings in FIGS were worth $375,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in FIGS by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,943 shares of the company's stock worth $458,000 after acquiring an additional 2,807 shares during the period. GAMMA Investing LLC increased its position in FIGS by 585.8% during the first quarter. GAMMA Investing LLC now owns 6,536 shares of the company's stock worth $30,000 after acquiring an additional 5,583 shares during the period. Lane & Associates LLC increased its position in FIGS by 41.8% during the first quarter. Lane & Associates LLC now owns 21,405 shares of the company's stock worth $98,000 after acquiring an additional 6,305 shares during the period. Stifel Financial Corp bought a new position in FIGS during the fourth quarter worth $70,000. Finally, Quantinno Capital Management LP bought a new position in FIGS during the fourth quarter worth $82,000. Institutional investors own 92.21% of the company's stock.

Insider Buying and Selling at FIGS

In other news, CFO Sarah Oughtred sold 99,834 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $6.19, for a total value of $617,972.46. Following the sale, the chief financial officer owned 878,058 shares in the company, valued at approximately $5,435,179.02. The trade was a 10.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Catherine Eva Spear sold 65,866 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $6.88, for a total transaction of $453,158.08. Following the completion of the sale, the chief executive officer owned 1,969,246 shares in the company, valued at $13,548,412.48. This represents a 3.24% decrease in their position. The disclosure for this sale can be found here. 29.44% of the stock is currently owned by insiders.

FIGS Stock Down 3.0%

NYSE:FIGS opened at $7.08 on Friday. FIGS, Inc. has a 12-month low of $3.57 and a 12-month high of $7.31. The firm has a 50-day moving average price of $6.56 and a 200 day moving average price of $5.33. The firm has a market capitalization of $1.16 billion, a PE ratio of 177.04, a price-to-earnings-growth ratio of 4.68 and a beta of 1.34.

FIGS (NYSE:FIGS - Get Free Report) last issued its 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 net margin of 1.26% and a return on equity of 1.84%. The company had revenue of $152.64 million for the quarter, compared to the consensus estimate of $144.17 million. During the same quarter in the previous year, the company earned $0.01 EPS. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, research analysts expect that FIGS, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FIGS. The Goldman Sachs Group boosted their target price on shares of FIGS from $3.75 to $4.50 and gave the stock a "sell" rating in a research report on Tuesday, July 22nd. Telsey Advisory Group reaffirmed a "market perform" rating and set a $7.00 target price (up previously from $5.00) on shares of FIGS in a research report on Monday, August 4th. Cowen reissued a "hold" rating on shares of FIGS in a report on Friday, August 8th. Wall Street Zen lowered shares of FIGS from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. Finally, Morgan Stanley boosted their price target 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. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.38.

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.

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