LGT Fund Management Co Ltd. Takes $3.96 Million Position in FIGS, Inc. $FIGS

Key Points

• LGT Fund Management opened a new position in FIGS during the first quarter, buying 268,200 shares worth about $3.96 million.
• Several other institutional investors also increased or initiated stakes in FIGS, and hedge funds and other institutions now own 92.21% of the company’s shares.
• FIGS reported better-than-expected quarterly results, with EPS of $0.03 versus $0.01 expected and revenue of $159.9 million, up 28% year over year, even as the stock fell 2.8% to $10.04.

LGT Fund Management Co Ltd. acquired a new position in FIGS, Inc. (NYSE:FIGS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 268,200 shares of the company's stock, valued at approximately $3,961,000. LGT Fund Management Co Ltd. owned 0.16% of FIGS at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FIGS. Fifth Third Bancorp purchased a new stake in FIGS in the first quarter valued at $646,000. R Squared Ltd raised its stake in shares of FIGS by 42.0% during the 1st quarter. R Squared Ltd now owns 15,009 shares of the company's stock valued at $222,000 after buying an additional 4,436 shares during the last quarter. Keybank National Association OH raised its stake in shares of FIGS by 91.7% during the 1st quarter. Keybank National Association OH now owns 24,755 shares of the company's stock valued at $366,000 after buying an additional 11,844 shares during the last quarter. OP Asset Management Ltd acquired a new position in shares of FIGS in the 1st quarter valued at about $115,000. Finally, SG Americas Securities LLC boosted its stake in shares of FIGS by 12.3% in the first quarter. SG Americas Securities LLC now owns 76,261 shares of the company's stock worth $1,126,000 after buying an additional 8,335 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

Analysts Set New Price Targets

FIGS has been the subject of several recent research reports. BTIG Research reiterated 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 objective on shares of FIGS from $8.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Monday, April 13th. Oppenheimer upgraded shares of FIGS from a "market perform" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Friday, March 20th. KeyCorp reaffirmed an "overweight" rating on shares of FIGS in a report on Tuesday, June 23rd. Finally, Weiss Ratings downgraded shares of FIGS from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.93.

Insider Buying and Selling at FIGS

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

FIGS Stock Down 2.8%

Shares of FIGS stock traded down $0.29 during trading hours on Friday, hitting $10.04. 1,871,102 shares of the company's stock were exchanged, compared to its average volume of 3,175,379. The firm has a market cap of $1.68 billion, a P/E ratio of 45.62 and a beta of 1.01. The firm has a 50 day moving average of $11.78 and a two-hundred day moving average of $12.69. FIGS, Inc. has a fifty-two week low of $5.66 and a fifty-two 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, beating analysts' consensus estimates of $0.01 by $0.02. The firm had revenue of $159.90 million for the quarter, compared to analysts' expectations of $153.15 million. FIGS had a net margin of 6.10% and a return on equity of 9.69%. The company's quarterly revenue was up 28.0% compared to the same quarter last year. On average, equities analysts forecast that FIGS, Inc. will post 0.26 earnings per share for the current fiscal year.

FIGS Profile

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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