FIGS (NYSE:FIGS) Shares Down 6.3% - Time to Sell?

Key Points

• FIGS shares fell 6.3% to $12.14 in mid-day trading, below both its 50-day and 200-day moving averages, while trading volume was sharply below average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $18.71, despite some firms maintaining neutral ratings or lowering targets.
• The company recently beat quarterly expectations, reporting $0.15 EPS versus $0.07 expected and $196.62 million in revenue, up 28.8% year over year; institutional investors own 92.21% of its stock.

FIGS, Inc. (NYSE:FIGS - Get Free Report)'s share price fell 6.3% on Wednesday . The company traded as low as $12.40 and last traded at $12.14. 96,938 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 3,200,978 shares. The stock had previously closed at $12.95.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FIGS. Telsey Advisory Group dropped their target price on FIGS from $17.00 to $16.00 and set a "market perform" rating for the company in a report on Friday, August 7th. BTIG Research upped their price objective on shares of FIGS from $20.00 to $22.00 and gave the company a "buy" rating in a report on Friday, August 7th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $16.00 price target 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 research note on Friday, August 21st. Finally, KeyCorp increased their target price on FIGS from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, FIGS has a consensus rating of "Moderate Buy" and an average price target of $18.71.

FIGS Trading Down 6.3%

The business has a fifty day moving average price of $12.91 and a 200 day moving average price of $13.09. The firm has a market cap of $2.02 billion, a PE ratio of 36.95 and a beta of 1.07.

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

Hedge Funds Weigh In On FIGS

A number of large investors have recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in FIGS by 69.6% in the second 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 period. Integrated Wealth Concepts LLC purchased a new stake in FIGS during the second quarter worth about $41,000. IFP Advisors Inc grew 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. Navellier & Associates Inc. lifted its position in shares of FIGS by 118.8% during the 2nd quarter. Navellier & Associates Inc. now owns 44,128 shares of the company's stock valued at $451,000 after acquiring an additional 23,957 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of FIGS during the 2nd quarter worth approximately $12,304,000. Hedge funds and other institutional investors own 92.21% of the company's stock.

FIGS Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.