Morgan Stanley Issues Positive Forecast for FIGS (NYSE:FIGS) Stock Price

Key Points

• Morgan Stanley raised its price target on FIGS from $8 to $15 and kept an "equal weight" rating, implying roughly a 2.85% upside from the current price.
• FIGS beat quarterly expectations with $0.10 EPS versus $0.02 expected and revenue of $201.9M (up 33% year-over-year), driving recent share gains.
• Company insiders sold about 675,098 shares (~$10.9M) last quarter under pre-arranged 10b5-1 plans, while insiders still own 29.44% and institutional investors own 92.21% of the stock.

FIGS (NYSE:FIGS - Get Free Report) had its price target upped by stock analysts at Morgan Stanley from $8.00 to $15.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 2.85% from the company's current price.

A number of other equities analysts have also recently weighed in on the company. Barclays raised FIGS from a "hold" rating to a "strong-buy" rating in a report on Friday, February 27th. BTIG Research reissued a "buy" rating and issued a $15.00 price target on shares of FIGS in a report on Friday, February 27th. Oppenheimer raised FIGS from a "market perform" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Friday, March 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of FIGS in a research report on Friday. Finally, KeyCorp raised FIGS from a "sector weight" rating to an "overweight" rating and set a $17.00 price objective for the company in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $14.93.

FIGS Trading Up 2.6%

Shares of NYSE FIGS traded up $0.37 during trading on Monday, reaching $14.59. The company had a trading volume of 217,759 shares, compared to its average volume of 3,321,736. FIGS has a twelve month low of $3.77 and a twelve month high of $17.48. The stock has a market capitalization of $2.43 billion, a PE ratio of 76.86 and a beta of 1.20. The stock has a 50-day moving average price of $13.48 and a two-hundred day moving average price of $11.10.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The company had revenue of $201.90 million during the quarter, compared to analysts' expectations of $165.33 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The business's revenue for the quarter was up 33.0% compared to the same quarter last year. On average, sell-side analysts predict that FIGS will post 0.01 EPS for the current year.

Insider Activity

In other news, CFO Sarah Oughtred sold 10,872 shares of FIGS stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $14.44, for a total value of $156,991.68. Following the completion of the sale, the chief financial officer owned 1,153,388 shares of the company's stock, valued at $16,654,922.72. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Catherine Eva Spear sold 62,335 shares of FIGS stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $14.44, for a total value of $900,117.40. Following the completion of the sale, the chief executive officer directly owned 1,794,964 shares of the company's stock, valued at approximately $25,919,280.16. This represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 675,098 shares of company stock valued at $10,912,375 over the last quarter. Company insiders own 29.44% of the company's stock.

Institutional Investors Weigh In On FIGS

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC increased its stake in FIGS by 6.3% during the fourth quarter. Corient Private Wealth LLC now owns 350,694 shares of the company's stock worth $3,984,000 after acquiring an additional 20,843 shares during the last quarter. Invesco Ltd. lifted its stake in shares of FIGS by 135.9% in the 4th quarter. Invesco Ltd. now owns 503,470 shares of the company's stock valued at $5,719,000 after purchasing an additional 290,052 shares in the last quarter. Zacks Investment Management acquired a new position in shares of FIGS in the 4th quarter valued at about $1,217,000. VARCOV Co. acquired a new position in shares of FIGS in the 4th quarter valued at about $409,000. Finally, Voloridge Investment Management LLC lifted its stake in shares of FIGS by 77.3% in the 4th quarter. Voloridge Investment Management LLC now owns 332,960 shares of the company's stock valued at $3,782,000 after purchasing an additional 145,135 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

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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