FIGS (NYSE:FIGS) Stock Price Down 6.7% - Time to Sell?

Key Points

• FIGS shares fell 6.7% to roughly $13.45 in mid-day trading, with volume down 83% from the stock’s average daily level.
• Analyst sentiment remains positive overall: six analysts rate FIGS a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $18.71.
• The company exceeded quarterly expectations, reporting $0.15 EPS versus $0.07 expected and $196.62 million in revenue versus $186.17 million expected; revenue increased 28.8% year over year.

FIGS, Inc. (NYSE:FIGS - Get Free Report) shares traded down 6.7% during mid-day trading on Tuesday . The company traded as low as $13.64 and last traded at $13.4510. 564,269 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,231,987 shares. The stock had previously closed at $14.42.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FIGS. Barclays boosted their price objective on shares of FIGS from $17.00 to $20.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. BTIG Research lifted their price target on shares of FIGS from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Weiss Ratings raised FIGS from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $16.00 price objective on shares of FIGS in a research note on Friday, August 7th. Finally, Roth Capital reaffirmed a "buy" rating on shares of FIGS in a report on Friday, August 7th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, FIGS currently has an average rating of "Moderate Buy" and a consensus target price of $18.71.

FIGS Price Performance

The firm's 50-day moving average price is $12.20 and its 200 day moving average price is $13.09. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 41.85 and a beta of 1.07.

FIGS (NYSE:FIGS - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.08. The firm had revenue of $196.62 million during the quarter, compared to the consensus estimate of $186.17 million. FIGS had a return on equity of 12.53% and a net margin of 8.72%.The company's quarterly revenue was up 28.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 EPS. On average, analysts predict that FIGS, Inc. will post 0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FIGS

Several hedge funds have recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in shares of FIGS by 1,304.7% in the 2nd quarter. California State Teachers Retirement System now owns 1,179,335 shares of the company's stock valued at $115,282,000 after purchasing an additional 1,095,381 shares in the last quarter. Navellier & Associates Inc. increased its holdings in shares of FIGS by 118.8% during the second 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 period. Wellington Management Group LLP bought a new stake in shares of FIGS during the second quarter valued at about $12,304,000. Bank of America Corp DE lifted its holdings in FIGS by 190.3% in the first quarter. Bank of America Corp DE now owns 790,013 shares of the company's stock worth $11,668,000 after purchasing an additional 517,918 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in FIGS by 13.9% in 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. 92.21% of the stock is owned by institutional investors and hedge funds.

FIGS Company Profile

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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