Morgan Stanley Forecasts Strong Price Appreciation for FIGS (NYSE:FIGS) Stock

FIGS (NYSE:FIGS) had its price objective increased by analysts at Morgan Stanley from $5.25 to $7.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential downside of 19.58% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Barclays increased their target price on FIGS from $7.00 to $9.00 and gave the company an “equal weight” rating in a report on Monday, November 10th. Cowen reaffirmed a “hold” rating on shares of FIGS in a report on Friday, August 8th. The Goldman Sachs Group boosted their target price on shares of FIGS from $5.00 to $5.50 and gave the company a “sell” rating in a research report on Friday, November 7th. Telsey Advisory Group reissued a “market perform” rating and set a $9.00 price target (up from $7.00) on shares of FIGS in a report on Monday, November 3rd. Finally, Wall Street Zen raised shares of FIGS from a “buy” rating to a “strong-buy” rating in a research note on Sunday, October 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, FIGS has a consensus rating of “Hold” and a consensus price target of $8.60.

FIGS Trading Up 2.4%

NYSE FIGS traded up $0.22 during mid-day trading on Wednesday, hitting $9.33. The company’s stock had a trading volume of 599,992 shares, compared to its average volume of 2,055,536. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 92.85 and a beta of 1.34. FIGS has a twelve month low of $3.57 and a twelve month high of $10.24. The company’s 50 day simple moving average is $7.65 and its 200 day simple moving average is $6.44.

FIGS (NYSE:FIGS) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.03. FIGS had a net margin of 3.03% and a return on equity of 4.50%. The company had revenue of $151.66 million during the quarter, compared to analyst estimates of $142.39 million. During the same quarter in the prior year, the business earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. FIGS has set its FY 2025 guidance at EPS. As a group, research analysts forecast that FIGS will post 0.01 EPS for the current year.

Insider Buying and Selling

In other FIGS news, CEO Catherine Eva Spear sold 62,213 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $6.88, for a total value of $428,025.44. Following the completion of the sale, the chief executive officer directly owned 1,907,033 shares in the company, valued at $13,120,387.04. This represents a 3.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sarah Oughtred sold 22,745 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $7.39, for a total transaction of $168,085.55. Following the completion of the transaction, the chief financial officer owned 845,345 shares in the company, valued at approximately $6,247,099.55. This represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 118,282 shares of company stock worth $842,076. 29.44% of the stock is owned by insiders.

Institutional Investors Weigh In On FIGS

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bamco Inc. NY boosted its stake in shares of FIGS by 2.2% during the 2nd 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 last quarter. Ameriprise Financial Inc. raised its stake in FIGS by 9.0% during the second quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock worth $78,602,000 after acquiring an additional 1,144,962 shares during the period. Vanguard Group Inc. raised its stake in FIGS by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,609,320 shares of the company’s stock valued at $64,286,000 after acquiring an additional 425,189 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in FIGS by 1.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,417,008 shares of the company’s stock worth $29,549,000 after acquiring an additional 70,660 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of FIGS by 45.7% in the third quarter. Marshall Wace LLP now owns 2,585,258 shares of the company’s stock worth $17,295,000 after buying an additional 810,719 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

About FIGS

FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States and internationally. It designs and sells healthcare apparel and scrubwear and non-scrubwear offerings, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel.