FIGS (NYSE:FIGS) Shares Climb 4% - Here's Why

Key Points

• FIGS shares rose 4% to about $12.99 in Friday trading, though volume was approximately 84% below the average daily level.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $18.71; Barclays and BTIG Research recently raised their targets to $20 and $22, respectively.
• FIGS exceeded quarterly expectations, reporting $0.15 in earnings per share versus $0.07 expected and revenue of $196.62 million, up 28.8% year over year. Institutional investors own 92.21% of the company’s stock.

Shares of FIGS, Inc. (NYSE:FIGS - Get Free Report) shot up 4% on Friday. The company traded as high as $12.91 and last traded at $12.9850. Approximately 504,541 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,195,081 shares. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Roth Capital restated a "buy" rating on shares of FIGS in a research note on Friday, August 7th. Weiss Ratings raised FIGS from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Barclays upped their price target on shares of FIGS from $17.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, August 7th. BTIG Research increased their target price on shares of FIGS from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, 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. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.71.

FIGS Trading Up 6.1%

The company has a market capitalization of $2.20 billion, a PE ratio of 40.12 and a beta of 1.07. The business has a fifty day moving average of $12.99 and a 200 day moving average of $13.03.

FIGS (NYSE:FIGS - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.08. The business 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 company's revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 earnings per share. Equities analysts forecast that FIGS, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On FIGS

Hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC increased its holdings in shares of FIGS by 69.6% in the 2nd quarter. Tidal Investments LLC now owns 27,467 shares of the company's stock valued at $281,000 after acquiring an additional 11,270 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of FIGS during the second quarter worth about $41,000. IFP Advisors Inc increased its position in shares of 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 purchasing an additional 2,396 shares in the last quarter. Navellier & Associates Inc. lifted its holdings in shares of FIGS by 118.8% in the 2nd quarter. Navellier & Associates Inc. now owns 44,128 shares of the company's stock valued at $451,000 after purchasing an additional 23,957 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of FIGS in the 2nd quarter valued at about $12,304,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

About FIGS

FIGS, Inc is a direct-to-consumer healthcare apparel and lifestyle company that designs and sells clothing, footwear and accessories for healthcare professionals. Its product portfolio includes medical scrubs, scrub jackets, lab coats, underscrubs, outerwear, shoes, bags and other work-related accessories.

The company markets its products through its digital platform, retail locations and selected wholesale channels. FIGS emphasizes technical fabrics, comfort, functionality and contemporary styling, seeking to provide alternatives to traditional medical uniforms for nurses, physicians and other healthcare workers.

FIGS was founded in 2013 by Heather Hasson and Trina Spear and is headquartered in Santa Monica, California.

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