T. Rowe Price Investment Management Inc. Sells 257,361 Shares of FIGS, Inc. $FIGS

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in FIGS, Inc. by 2.4%, selling 257,361 shares and holding 10,424,407 shares valued at approximately $47.8 million.
• FIGS stock opened at $7.1150, with a market cap of $1.16 billion and a PE ratio of 177.92.
• Despite recent insider sales, including CFO Sarah Oughtred selling nearly 100,000 shares, institutional investors continue to hold 92.21% of FIGS stock.

T. Rowe Price Investment Management Inc. reduced its stake in FIGS, Inc. (NYSE:FIGS - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,424,407 shares of the company's stock after selling 257,361 shares during the period. T. Rowe Price Investment Management Inc. owned 6.41% of FIGS worth $47,849,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FIGS. Invesco Ltd. increased its stake in FIGS by 2.7% in the fourth quarter. Invesco Ltd. now owns 145,734 shares of the company's stock valued at $902,000 after purchasing an additional 3,879 shares in the last quarter. Legal & General Group Plc increased its stake in FIGS by 5.4% in the fourth quarter. Legal & General Group Plc now owns 126,338 shares of the company's stock valued at $782,000 after purchasing an additional 6,416 shares in the last quarter. XTX Topco Ltd bought a new stake in FIGS in the fourth quarter valued at $180,000. Dimensional Fund Advisors LP increased its stake in FIGS by 23.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,350,572 shares of the company's stock valued at $26,931,000 after purchasing an additional 827,149 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in FIGS by 3.1% in the fourth quarter. MetLife Investment Management LLC now owns 78,952 shares of the company's stock valued at $489,000 after purchasing an additional 2,355 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

FIGS Stock Performance

FIGS stock opened at $7.1150 on Friday. FIGS, Inc. has a fifty-two week low of $3.57 and a fifty-two week high of $7.31. The stock has a market cap of $1.16 billion, a PE ratio of 177.92, a price-to-earnings-growth ratio of 4.44 and a beta of 1.34. The firm's 50-day simple moving average is $6.16 and its 200 day simple moving average is $5.17.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.04 earnings per share for the quarter, topping 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 business had revenue of $152.64 million for the quarter, compared to analysts' expectations of $144.17 million. During the same period in the previous year, the company earned $0.01 earnings per share. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, analysts predict that FIGS, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on FIGS shares. Cowen reissued a "hold" rating on shares of FIGS in a research report on Friday, August 8th. 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. Morgan Stanley boosted their target price on shares of FIGS from $4.25 to $5.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Barclays reissued a "positive" rating on shares of FIGS in a research report on Tuesday, May 13th. Finally, Telsey Advisory Group reissued a "market perform" rating and set a $7.00 target price (up from $5.00) on shares of FIGS in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.38.

Insider Activity

In related news, CFO Sarah Oughtred sold 99,834 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $6.19, for a total transaction of $617,972.46. Following the transaction, the chief financial officer directly owned 878,058 shares in the company, valued at approximately $5,435,179.02. The trade was a 10.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Catherine Eva Spear sold 65,866 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.88, for a total transaction of $453,158.08. Following the transaction, the chief executive officer owned 1,969,246 shares in the company, valued at approximately $13,548,412.48. This trade represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 167,661 shares of company stock worth $1,079,857. 29.44% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.