KBC Group NV Takes Position in FIGS, Inc. $FIGS

Key Points

• KBC Group NV opened a new position in FIGS during the first quarter, buying 256,051 shares valued at about $3.78 million.
• Several other hedge funds also adjusted their stakes in FIGS, and institutional investors now own 92.21% of the company’s shares.
• FIGS shares were down 6.7% in Friday trading, even after the company recently beat earnings and revenue estimates for the quarter.

KBC Group NV purchased a new position in shares of FIGS, Inc. (NYSE:FIGS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 256,051 shares of the company's stock, valued at approximately $3,782,000. KBC Group NV owned 0.15% of FIGS at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FIGS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in FIGS by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 77,219 shares of the company's stock valued at $354,000 after buying an additional 3,276 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of FIGS during the first quarter valued at about $3,199,000. Creative Planning increased its position in shares of FIGS by 181.3% during the second quarter. Creative Planning now owns 65,740 shares of the company's stock valued at $371,000 after acquiring an additional 42,367 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of FIGS in the 2nd quarter valued at approximately $70,000. Finally, Russell Investments Group Ltd. raised its stake in shares of FIGS by 102.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 147,440 shares of the company's stock valued at $832,000 after acquiring an additional 74,578 shares during the period. 92.21% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at FIGS

In other news, Chairman Heather L. Hasson sold 32,385 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $14.33, for a total value of $464,077.05. Following the completion of the transaction, the chairman owned 1,433,807 shares in the company, valued at approximately $20,546,454.31. This represents a 2.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sarah Oughtred sold 23,597 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $14.33, for a total transaction of $338,145.01. Following the completion of the sale, the chief financial officer directly owned 1,129,791 shares of the company's stock, valued at approximately $16,189,905.03. This trade represents a 2.05% decrease in their ownership of the stock. 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. Corporate insiders own 27.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FIGS shares. Weiss Ratings cut shares of FIGS from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. Zacks Research cut FIGS from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 8th. BTIG Research restated a "buy" rating and set a $20.00 price target on shares of FIGS in a research report on Friday, April 24th. Morgan Stanley raised their price target on FIGS from $8.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Monday, April 13th. Finally, KeyCorp reiterated an "overweight" rating on shares of FIGS in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.93.

FIGS Trading Down 6.7%

NYSE:FIGS opened at $9.25 on Friday. FIGS, Inc. has a 12-month low of $6.07 and a 12-month high of $17.48. The firm has a market cap of $1.55 billion, a PE ratio of 42.05 and a beta of 1.01. The stock has a fifty day moving average price of $11.21 and a 200 day moving average price of $12.59.

FIGS (NYSE:FIGS - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The company 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 revenue for the quarter was up 28.0% on a year-over-year basis. Equities analysts forecast that FIGS, Inc. will post 0.26 EPS for the current 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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