FIGS (NYSE:FIGS) Stock Falls 6.3% – Here’s What Happened

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

Analyst Ratings Changes

Several analysts recently issued reports on FIGS shares. KeyCorp boosted their price target on FIGS from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Roth Capital reiterated a “buy” rating on shares of FIGS in a research report on Friday, August 7th. Telsey Advisory Group decreased their target price on FIGS from $17.00 to $16.00 and set a “market perform” rating on the stock in a research report on Friday, August 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 target price on shares of FIGS in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded FIGS from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 19th. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.71.

FIGS Stock Performance

The firm’s 50 day moving average price is $12.99 and its two-hundred day moving average price is $13.03. The company has a market cap of $2.07 billion, a P/E ratio of 37.81 and a beta of 1.07.

FIGS (NYSE:FIGS) 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. FIGS had a return on equity of 12.53% and a net margin of 8.72%.The firm had revenue of $196.62 million during the quarter, compared to analysts’ expectations of $186.17 million. During the same quarter last year, the firm posted $0.04 earnings per share. The company’s revenue for the quarter was up 28.8% compared to the same quarter last year. As a group, analysts forecast that FIGS, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FIGS. Tidal Investments LLC boosted its holdings in FIGS by 69.6% during the 2nd quarter. Tidal Investments LLC now owns 27,467 shares of the company’s stock worth $281,000 after acquiring an additional 11,270 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of FIGS during the 2nd quarter worth approximately $41,000. IFP Advisors Inc lifted its position in shares of FIGS by 120.2% during the 2nd quarter. IFP Advisors Inc now owns 4,389 shares of the company’s stock worth $45,000 after buying an additional 2,396 shares in the last quarter. Navellier & Associates Inc. boosted its stake in shares of FIGS by 118.8% in the 2nd quarter. Navellier & Associates Inc. now owns 44,128 shares of the company’s stock worth $451,000 after buying an additional 23,957 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of FIGS in the second quarter valued at 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.