FIGS (NYSE:FIGS) CEO Catherine Eva Spear Sells 4,044,284 Shares of Stock

Key Points

• FIGS CEO Catherine Eva Spear sold 4,044,284 shares for about $79.7 million, reducing her direct ownership by 70.75%. The sale was to cover tax withholding on vested equity awards.
• FIGS reported quarterly EPS of $0.10, beating the $0.07 consensus, and revenue of $190.69 million, up 25.7% year over year.
• The stock rose 8.8% to $21.56 in Monday trading. Analysts’ average rating was “Moderate Buy,” with an average price target of $21.14.

FIGS, Inc. (NYSE:FIGS - Get Free Report) CEO Catherine Spear sold 4,044,284 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $19.70, for a total transaction of $79,672,394.80. Following the completion of the transaction, the chief executive officer directly owned 1,671,854 shares in the company, valued at approximately $32,935,523.80. This represents a 70.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

FIGS Trading Up 8.8%

NYSE FIGS traded up $1.74 during trading on Monday, reaching $21.56. The company's stock had a trading volume of 5,325,137 shares, compared to its average volume of 4,549,606. The firm has a 50 day moving average price of $16.46 and a 200 day moving average price of $13.69. FIGS, Inc. has a 12 month low of $8.36 and a 12 month high of $22.46. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 56.74 and a beta of 1.05.

FIGS (NYSE:FIGS - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. The company had revenue of $190.69 million for the quarter, compared to analysts' expectations of $182.82 million. FIGS had a net margin of 8.72% and a return on equity of 12.53%. The business's revenue for the quarter was up 25.7% on a year-over-year basis. During the same period last year, the firm earned $0.05 earnings per share. On average, equities analysts forecast that FIGS, Inc. will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On FIGS

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Telsey Advisory Group decreased their price target on FIGS from $17.00 to $16.00 and set a "market perform" rating on the stock in a research report on Friday, August 7th. Wall Street Zen downgraded FIGS from a "strong-buy" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group reiterated a "neutral" rating and set a $16.00 price objective on shares of FIGS in a research note on Friday, August 7th. Roth Capital reissued a "buy" rating on shares of FIGS in a report on Friday, August 7th. Finally, BTIG Research boosted their target price on shares of FIGS from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, October 30th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $21.14.

About FIGS

FIGS, Inc designs and sells apparel and accessories for healthcare professionals. Its products include scrubs, underscrubs, lab coats, outerwear, footwear, compression socks and other work-related accessories, with an emphasis on functional design and performance fabrics.

The company primarily sells through its e-commerce platform, serving healthcare workers in the United States and internationally. Its offerings are aimed at professionals across a range of medical roles and care settings.

FIGS was founded in 2013 by Heather Hasson and Trina Spear.

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