FIGS (NYSE:FIGS) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of FIGS (NYSE:FIGS) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

A number of other equities analysts have also recently issued reports on FIGS. Morgan Stanley raised their target price on shares of FIGS from $7.50 to $8.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Wolfe Research upgraded FIGS to a “buy” rating in a research report on Wednesday, December 10th. The Goldman Sachs Group raised their price target on FIGS from $5.50 to $7.50 and gave the stock a “sell” rating in a report on Friday, January 30th. Barclays upped their price objective on FIGS from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of FIGS in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.10.

FIGS Stock Performance

Shares of NYSE:FIGS opened at $10.26 on Friday. The company’s fifty day moving average is $11.43 and its two-hundred day moving average is $9.06. FIGS has a 1-year low of $3.57 and a 1-year high of $12.50. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 102.55 and a beta of 1.29.

Insider Activity at FIGS

In other news, insider Heather L. Hasson sold 22,874 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $10.56, for a total value of $241,549.44. Following the completion of the transaction, the insider owned 1,251,967 shares of the company’s stock, valued at approximately $13,220,771.52. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Sarah Oughtred sold 22,690 shares of the firm’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $10.56, for a total value of $239,606.40. Following the transaction, the chief financial officer directly owned 821,500 shares in the company, valued at $8,675,040. This trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 105,813 shares of company stock worth $1,168,051 in the last three months. 29.44% of the stock is owned by company insiders.

Institutional Trading of FIGS

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its holdings in shares of FIGS by 66.2% in the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock valued at $48,824,000 after acquiring an additional 1,712,610 shares in the last quarter. Bamco Inc. NY lifted its position in FIGS by 2.2% in the second quarter. Bamco Inc. NY now owns 59,974,407 shares of the company’s stock worth $338,256,000 after purchasing an additional 1,302,823 shares during the period. BNP Paribas Financial Markets lifted its position in FIGS by 2,139.7% in the second quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock worth $7,374,000 after purchasing an additional 1,249,091 shares during the period. Ameriprise Financial Inc. boosted 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 purchasing an additional 1,144,962 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of FIGS by 940.7% during the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company’s stock valued at $5,212,000 after purchasing an additional 835,300 shares during the period. 92.21% of the stock is currently 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.