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

FIGS, Inc. (NYSE:FIGS)’s share price dropped 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 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.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FIGS. Telsey Advisory Group dropped their price target on FIGS from $17.00 to $16.00 and set a “market perform” rating on the stock in a research note on Friday, August 7th. The Goldman Sachs Group restated a “neutral” rating and set a $16.00 price target on shares of FIGS in a report on Friday, August 7th. KeyCorp upped their price target on shares of FIGS from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of FIGS from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Finally, BTIG Research boosted their target price on shares of FIGS from $20.00 to $22.00 and gave the company a “buy” 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. According to MarketBeat, FIGS has an average rating of “Moderate Buy” and an average target price of $18.71.

FIGS Price Performance

The firm’s fifty day moving average is $12.20 and its 200 day moving average 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) last released its earnings results on Thursday, August 6th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The company’s revenue was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 EPS. Equities research analysts forecast that FIGS, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Trading of FIGS

A number of institutional investors have recently bought and sold shares of FIGS. California State Teachers Retirement System grew its stake in FIGS by 1,304.7% in the second 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. lifted its stake in FIGS by 118.8% in the second quarter. Navellier & Associates Inc. now owns 44,128 shares of the company’s stock valued at $451,000 after buying an additional 23,957 shares in the last quarter. Wellington Management Group LLP bought a new stake in FIGS in the 2nd quarter valued at approximately $12,304,000. Bank of America Corp DE boosted its position in FIGS by 190.3% during the 1st quarter. Bank of America Corp DE now owns 790,013 shares of the company’s stock worth $11,668,000 after acquiring an additional 517,918 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of FIGS by 13.9% during the 1st 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. Institutional investors and hedge funds own 92.21% of the company’s stock.

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.