FIGS (NYSE:FIGS) CEO Sells $79,672,394.80 in Stock

FIGS, Inc. (NYSE:FIGS) CEO Catherine Spear sold 4,044,284 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 1,671,854 shares in the company, valued at $32,935,523.80. The trade was a 70.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

FIGS Stock Up 4.4%

FIGS stock opened at $23.38 on Thursday. The company’s 50-day moving average price is $16.77 and its two-hundred day moving average price is $13.80. The firm has a market cap of $3.88 billion, a P/E ratio of 61.54 and a beta of 1.05. FIGS, Inc. has a 12 month low of $8.95 and a 12 month high of $23.77.

FIGS (NYSE:FIGS) last issued its quarterly 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. The company had revenue of $190.69 million during the quarter, compared to the consensus estimate of $182.82 million. FIGS had a net margin of 9.67% and a return on equity of 14.65%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 EPS. Equities analysts predict that FIGS, Inc. will post 0.35 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on FIGS. Weiss Ratings raised FIGS from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Wall Street Zen cut FIGS from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 7th. The Goldman Sachs Group restated a “neutral” rating and set a $16.00 price objective on shares of FIGS in a research report on Friday, August 7th. KeyCorp raised their price objective on FIGS from $20.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Finally, Cantor Fitzgerald assumed coverage on FIGS in a research note on Tuesday. They issued an “overweight” rating and a $25.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.62.

Hedge Funds Weigh In On FIGS

Institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership lifted its stake in FIGS by 167.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company’s stock valued at $60,118,000 after purchasing an additional 2,546,905 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of FIGS during the second quarter worth $12,304,000. Jennison Associates LLC grew its stake in shares of FIGS by 178.4% during the first quarter. Jennison Associates LLC now owns 1,401,214 shares of the company’s stock worth $20,696,000 after buying an additional 897,935 shares during the last quarter. Bank of America Corp DE increased 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 worth $11,668,000 after buying an additional 517,918 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of FIGS during the first quarter worth $7,028,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

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.