FIGS (NYSE:FIGS) Trading Down 7% on Analyst Downgrade

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FIGS, Inc. (NYSE:FIGS) shares fell 7% during mid-day trading on Tuesday after Zacks Investment Research downgraded the stock from a buy rating to a hold rating. The stock traded as low as $23.71 and last traded at $23.71. 36,050 shares were traded during mid-day trading, a decline of 99% from the average session volume of 3,102,344 shares. The stock had previously closed at $25.50.

Separately, Credit Suisse Group reduced their price objective on shares of FIGS from $42.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $40.85.

In other news, CEO Catherine Eva Spear sold 89,060 shares of FIGS stock in a transaction on Monday, November 15th. The shares were sold at an average price of $34.29, for a total transaction of $3,053,867.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 177,489 shares of company stock valued at $5,767,547.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC purchased a new stake in FIGS in the second quarter valued at $11,170,000. FMR LLC purchased a new stake in FIGS in the second quarter valued at $173,974,000. Grandeur Peak Global Advisors LLC purchased a new stake in FIGS in the second quarter valued at $2,208,000. Calamos Advisors LLC acquired a new position in FIGS in the third quarter valued at $5,058,000. Finally, Blackstone Inc acquired a new position in FIGS in the second quarter valued at $5,010,000. 29.21% of the stock is owned by hedge funds and other institutional investors.

The business’s 50 day simple moving average is $29.89 and its 200 day simple moving average is $36.22.

FIGS (NYSE:FIGS) last posted its quarterly earnings data on Wednesday, November 10th. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. FIGS had a negative net margin of 2.63% and a negative return on equity of 6.32%. The company had revenue of $102.70 million for the quarter, compared to analyst estimates of $96.75 million. On average, research analysts forecast that FIGS, Inc. will post -0.1 EPS for the current fiscal year.

About FIGS (NYSE:FIGS)

FIGS, Inc operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. It designs and sells healthcare apparel and other non-scrub offerings, such as lab coats, under scrubs, outerwear, activewear, loungewear, compression socks footwear, masks, and face shields. The company markets and sells its products through its digital platform comprising website and mobile app.

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