Insider Selling: FIGS (NYSE:FIGS) CFO Sells $1,972,800.00 in Stock

Key Points

• FIGS CFO Sarah Oughtred sold 90,000 shares for about $1.97 million, reducing her direct stake by 8.62%; she retained 954,007 shares.
• Latest quarterly results topped expectations: FIGS reported EPS of $0.10 versus $0.07 forecast and revenue of $190.69 million, up 25.7% year over year.
• Analyst sentiment was broadly positive, with eight Buy and four Hold ratings and an average price target of $21.62; shares opened at $23.38.

FIGS, Inc. (NYSE:FIGS - Get Free Report) CFO Sarah Oughtred sold 90,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $21.92, for a total transaction of $1,972,800.00. Following the completion of the sale, the chief financial officer directly owned 954,007 shares in the company, valued at approximately $20,911,833.44. This represents a 8.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

FIGS Trading Up 4.4%

Shares of FIGS opened at $23.38 on Thursday. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of 61.54 and a beta of 1.05. The firm's fifty day simple moving average is $16.77 and its 200-day simple moving average is $13.80. FIGS, Inc. has a twelve month low of $8.95 and a twelve month high of $23.77.

FIGS (NYSE:FIGS - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. FIGS had a net margin of 9.67% and a return on equity of 14.65%. The firm had revenue of $190.69 million during the quarter, compared to the consensus estimate of $182.82 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The company's revenue was up 25.7% compared to the same quarter last year. On average, analysts predict that FIGS, Inc. will post 0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FIGS

Several hedge funds have recently made changes to their positions in FIGS. Integrated Wealth Concepts LLC purchased a new stake in shares of FIGS in the 2nd quarter valued at about $41,000. Sterling Capital Management LLC grew its stake in FIGS by 848.2% during the 3rd quarter. Sterling Capital Management LLC now owns 3,167 shares of the company's stock worth $44,000 after buying an additional 2,833 shares during the last quarter. IFP Advisors Inc increased its position in FIGS by 120.2% during the second quarter. IFP Advisors Inc now owns 4,389 shares of the company's stock worth $45,000 after buying an additional 2,396 shares during the period. State of Alaska Department of Revenue acquired a new position in FIGS during the third quarter worth approximately $116,000. Finally, SBI Securities Co. Ltd. increased its position in FIGS by 11,872.9% during the third quarter. SBI Securities Co. Ltd. now owns 14,128 shares of the company's stock worth $196,000 after buying an additional 14,010 shares during the period. Hedge funds and other institutional investors own 92.21% of the company's stock.

Analyst Upgrades and Downgrades

FIGS has been the subject of several recent analyst reports. Roth Capital restated a "buy" rating on shares of FIGS in a research note on Friday, August 7th. Oppenheimer increased their price target on shares of FIGS from $22.00 to $25.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Cantor Fitzgerald initiated coverage on shares of FIGS in a report on Tuesday. They set an "overweight" rating and a $25.00 price objective on the stock. BTIG Research boosted their price objective on shares of FIGS from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, October 30th. Finally, KeyCorp boosted their price objective on shares of FIGS from $20.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, November 6th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, FIGS has an average rating of "Moderate Buy" and an average price target of $21.62.

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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