Stock Traders Buy Large Volume of Call Options on FIGS (NYSE:FIGS)

FIGS, Inc. (NYSE:FIGS) was the target of some unusual options trading on Tuesday. Investors purchased 2,026 call options on the stock. This is an increase of approximately 100% compared to the typical volume of 1,014 call options.

Trending Headlines about FIGS

Here are the key news stories impacting FIGS this week:

• Positive Sentiment: Technical breakout: FIGS broke above a key buy point and was identified as the top-performing stock in the apparel industry group, suggesting strong institutional and momentum-driven demand. Out Of Nowhere, This Small-Cap Company Becomes No. 1 Apparel Stock
• Positive Sentiment: Near a 52-week high: Coverage noted FIGS reaching a new 52-week high, reinforcing the bullish technical picture and prompting discussion about whether the stock remains attractive to investors. FIGS Hits New 52-Week High – Time to Buy?
• Positive Sentiment: Heavy call-option activity: Investors purchased 2,026 FIGS call options, twice the stock’s average daily call volume of 1,014. The surge points to increased speculative or bullish interest, although options activity alone does not guarantee future gains.
• Positive Sentiment: Momentum appeal: Zacks characterized FIGS as a strong momentum stock, which may attract trend-following investors while the shares continue to outperform. Here’s Why Figs is a Strong Momentum Stock

Hedge Funds Weigh In On FIGS

Hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership boosted its stake in shares of 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 buying an additional 2,546,905 shares during the period. Wellington Management Group LLP bought a new position in FIGS during the 2nd quarter worth $12,304,000. Jennison Associates LLC increased its stake in FIGS by 178.4% during the 1st quarter. Jennison Associates LLC now owns 1,401,214 shares of the company’s stock worth $20,696,000 after acquiring an additional 897,935 shares during the period. Bank of America Corp DE raised its holdings in FIGS by 190.3% in the 1st quarter. Bank of America Corp DE now owns 790,013 shares of the company’s stock valued at $11,668,000 after acquiring an additional 517,918 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in FIGS in the 1st quarter valued at $7,028,000. 92.21% of the stock is owned by institutional investors.

FIGS Price Performance

NYSE FIGS traded up $0.11 on Tuesday, reaching $17.85. The stock had a trading volume of 3,978,421 shares, compared to its average volume of 3,281,736. The firm has a fifty day moving average of $14.00 and a two-hundred day moving average of $12.98. FIGS has a 1-year low of $6.96 and a 1-year high of $19.18. The company has a market cap of $2.97 billion, a P/E ratio of 54.09 and a beta of 1.06.

FIGS (NYSE:FIGS) last posted its quarterly earnings data 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. FIGS had a return on equity of 12.53% and a net margin of 8.72%. The firm had revenue of $196.62 million for the quarter, compared to analysts’ expectations of $186.17 million. During the same quarter last year, the business earned $0.04 EPS. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. Research analysts predict that FIGS will post 0.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FIGS shares. Wall Street Zen upgraded shares of FIGS from a “buy” rating to a “strong-buy” rating in a report on Saturday. KeyCorp increased their price objective 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. BTIG Research raised their target price on shares of FIGS from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Weiss Ratings raised shares of FIGS from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.00 target price on shares of FIGS in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

About FIGS

FIGS, Inc (NYSE: FIGS) is a healthcare apparel and lifestyle company that designs and sells clothing, footwear, accessories and other products for healthcare professionals. Its product portfolio includes medical scrubs, lab coats, jackets, underscrubs, shoes, bags and related essentials designed for use in clinical and professional settings.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS built its business around modern, performance-oriented alternatives to traditional medical uniforms.