Morgan Stanley Issues Positive Forecast for FIGS (NYSE:FIGS) Stock Price

FIGS (NYSE:FIGS) had its price objective lifted by equities research analysts at Morgan Stanley from $8.00 to $15.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 2.85% from the stock’s previous close.

Several other equities analysts have also weighed in on FIGS. BTIG Research reaffirmed a “buy” rating and issued a $15.00 price objective on shares of FIGS in a research note on Friday, February 27th. The Goldman Sachs Group raised FIGS from a “strong sell” rating to a “hold” rating in a research report on Friday, February 27th. Oppenheimer raised FIGS from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Friday, March 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of FIGS in a research report on Friday. Finally, Wall Street Zen raised FIGS from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

FIGS Stock Up 2.6%

Shares of NYSE FIGS traded up $0.37 during midday trading on Monday, hitting $14.59. The stock had a trading volume of 217,759 shares, compared to its average volume of 3,321,736. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 76.86 and a beta of 1.20. FIGS has a 1-year low of $3.77 and a 1-year high of $17.48. The company has a fifty day moving average price of $13.48 and a 200 day moving average price of $11.10.

FIGS (NYSE:FIGS) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. The business had revenue of $201.90 million for the quarter, compared to analyst estimates of $165.33 million. FIGS had a return on equity of 8.41% and a net margin of 5.43%.The company’s revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 EPS. On average, research analysts forecast that FIGS will post 0.01 EPS for the current year.

Insider Transactions at FIGS

In other news, CEO Catherine Eva Spear sold 62,335 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $14.44, for a total value of $900,117.40. Following the completion of the sale, the chief executive officer owned 1,794,964 shares of the company’s stock, valued at $25,919,280.16. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heather L. Hasson sold 556,327 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $16.85, for a total value of $9,374,109.95. Following the completion of the sale, the insider directly owned 1,251,967 shares of the company’s stock, valued at $21,095,643.95. The trade was a 30.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 675,098 shares of company stock valued at $10,912,375 over the last quarter. Company insiders own 29.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC boosted its holdings in FIGS by 6.3% in the fourth quarter. Corient Private Wealth LLC now owns 350,694 shares of the company’s stock valued at $3,984,000 after purchasing an additional 20,843 shares during the last quarter. Invesco Ltd. boosted its holdings in FIGS by 135.9% in the fourth quarter. Invesco Ltd. now owns 503,470 shares of the company’s stock valued at $5,719,000 after purchasing an additional 290,052 shares during the last quarter. Zacks Investment Management purchased a new position in FIGS in the fourth quarter valued at about $1,217,000. VARCOV Co. purchased a new position in FIGS in the fourth quarter valued at about $409,000. Finally, Voloridge Investment Management LLC boosted its holdings in FIGS by 77.3% in the fourth quarter. Voloridge Investment Management LLC now owns 332,960 shares of the company’s stock valued at $3,782,000 after purchasing an additional 145,135 shares during the last quarter. Hedge funds and other institutional investors 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.