FIGS (NYSE:FIGS) Hits New 1-Year High - Still a Buy?

Key Points

• FIGS reached a new 52-week high, trading as high as $22.51. The average analyst price target is $21.62—below the recent price—though the consensus rating is “Moderate Buy.”
• Quarterly results topped expectations: earnings were $0.10 per share versus $0.07 expected, and revenue of $190.69 million grew 25.7% year over year.
• CEO Catherine Spear sold about 4.04 million shares for roughly $79.7 million; the filing said the sale covered tax withholding obligations tied to vested equity awards.

FIGS, Inc. (NYSE:FIGS - Get Free Report) shares hit a new 52-week high on Tuesday. The stock traded as high as $22.51 and last traded at $22.3470, with a volume of 705,320 shares. The stock had previously closed at $21.58.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FIGS shares. KeyCorp lifted their price target on shares of FIGS from $20.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday. Wall Street Zen cut FIGS from a "strong-buy" rating to a "buy" rating in a research report on Saturday. 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 note on Friday, October 30th. Oppenheimer lifted their target price on shares of FIGS from $22.00 to $25.00 and gave the company an "outperform" rating in a research report on Thursday, October 29th. Finally, Barclays upped their target price on shares of FIGS from $20.00 to $24.00 and gave the company an "overweight" rating in a research report on Tuesday, November 3rd. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.62.

FIGS Price Performance

The business's fifty day simple moving average is $16.46 and its 200 day simple moving average is $13.69. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 58.61 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. FIGS had a return on equity of 12.53% and a net margin of 8.72%. The business had revenue of $190.69 million for the quarter, compared to analyst estimates of $182.82 million. During the same period in the prior year, the company earned $0.05 EPS. The company's quarterly revenue was up 25.7% compared to the same quarter last year. Equities research analysts expect that FIGS, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity at FIGS

In other news, CEO Catherine Spear sold 4,044,284 shares of the business's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $19.70, for a total transaction of $79,672,394.80. Following the transaction, the chief executive officer owned 1,671,854 shares of the company's stock, valued at approximately $32,935,523.80. The trade was a 70.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 27.06% of the company's stock.

Institutional Investors Weigh In On FIGS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FIGS. Arrowstreet Capital Limited Partnership boosted its holdings in FIGS by 167.2% during the first 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. Wellington Management Group LLP purchased a new position in FIGS in the 2nd quarter worth approximately $12,304,000. Jennison Associates LLC raised its holdings 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 acquiring an additional 897,935 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of FIGS by 190.3% during the first quarter. Bank of America Corp DE now owns 790,013 shares of the company's stock valued at $11,668,000 after purchasing an additional 517,918 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new position in FIGS in the 1st quarter worth about $7,028,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

FIGS Company Profile

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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