Traders Purchase Large Volume of Put Options on FIGS (NYSE:FIGS)

Key Points

• Unusual bearish options activity: Traders purchased 17,944 put options on FIGS, roughly 2,261% above the typical volume of 760 contracts.
• Analyst sentiment remains moderately positive: Six analysts rate FIGS a Buy and five rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $18.71.
• Recent financial performance exceeded expectations: FIGS reported quarterly EPS of $0.15 versus the $0.07 consensus estimate, while revenue rose 28.8% year over year to $196.62 million.

FIGS, Inc. (NYSE:FIGS - Get Free Report) saw some unusual options trading activity on Wednesday. Traders purchased 17,944 put options on the company. This represents an increase of approximately 2,261% compared to the typical volume of 760 put options.

Analysts Set New Price Targets

FIGS has been the topic of a number of research analyst reports. Barclays increased their price target on FIGS from $17.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. The Goldman Sachs Group reissued a "neutral" rating and issued a $16.00 price objective on shares of FIGS in a research note on Friday, August 7th. Weiss Ratings upgraded FIGS from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 21st. KeyCorp raised their target price on FIGS from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, BTIG Research upped their price target on shares of FIGS from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.71.

FIGS Stock Up 0.0%

FIGS stock traded up $0.01 during trading on Wednesday, hitting $14.11. The company had a trading volume of 4,143,887 shares, compared to its average volume of 3,202,994. The firm has a 50-day moving average price of $13.60 and a 200-day moving average price of $12.95. FIGS has a 12 month low of $6.77 and a 12 month high of $17.48. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 42.78 and a beta of 1.06.

FIGS (NYSE:FIGS - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.08. The firm had revenue of $196.62 million for the quarter, compared to analyst estimates of $186.17 million. FIGS had a return on equity of 12.53% and a net margin of 8.72%.The business's quarterly revenue was up 28.8% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. Equities analysts expect that FIGS will post 0.32 EPS for the current year.

Institutional Trading of FIGS

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its position in FIGS by 120.2% in the second quarter. IFP Advisors Inc now owns 4,389 shares of the company's stock valued at $45,000 after purchasing an additional 2,396 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in FIGS in the 2nd quarter valued at $41,000. R Squared Ltd lifted its position in FIGS by 42.0% during the 1st quarter. R Squared Ltd now owns 15,009 shares of the company's stock worth $222,000 after buying an additional 4,436 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in FIGS by 13.9% during the first quarter. The Manufacturers Life Insurance Company now owns 60,354 shares of the company's stock worth $891,000 after acquiring an additional 7,348 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new position in FIGS during the first quarter valued at approximately $115,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

About FIGS

FIGS, Inc NYSE: FIGS is a healthcare apparel and lifestyle company that designs and sells clothing, footwear, accessories and other products for healthcare professionals. Its product portfolio includes medical scrubs, lab coats, jackets, underscrubs, shoes, bags and related essentials designed for use in clinical and professional settings.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS built its business around modern, performance-oriented alternatives to traditional medical uniforms.

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