FIGS (NYSE:FIGS) Trading Down 6.7% – Here’s Why

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FIGS shares. Roth Capital restated a “buy” rating on shares of FIGS in a report on Friday, August 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $16.00 price objective on shares of FIGS in a report on Friday, August 7th. Barclays lifted 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 raised their price objective on shares of FIGS from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, KeyCorp increased their price objective on FIGS from $19.00 to $20.00 and gave the stock an “overweight” rating 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.71.

FIGS Trading Down 3.0%

The firm has a market capitalization of $2.21 billion, a P/E ratio of 40.22 and a beta of 1.07. The stock has a 50 day simple moving average of $12.34 and a 200-day simple moving average of $13.12.

FIGS (NYSE:FIGS) last issued its earnings results on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.08. The company had revenue of $196.62 million during the quarter, compared to the consensus estimate of $186.17 million. FIGS had a net margin of 8.72% and a return on equity of 12.53%. FIGS’s quarterly revenue was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. As a group, sell-side 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 hedge funds and other institutional investors have recently added to or reduced their stakes in FIGS. Arrowstreet Capital Limited Partnership boosted its stake in FIGS by 167.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,070,258 shares of the company’s stock valued at $60,118,000 after acquiring an additional 2,546,905 shares in the last quarter. Marshall Wace LLP grew its position in FIGS by 66.2% during the 4th quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock worth $48,824,000 after purchasing an additional 1,712,610 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of FIGS by 2,139.7% during the second quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after buying an additional 1,249,091 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of FIGS in the second quarter valued at about $12,304,000. Finally, Ameriprise Financial Inc. lifted its stake in FIGS by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after acquiring an additional 1,144,962 shares during the period. 92.21% of the stock is owned by institutional investors.

About FIGS

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.