FIGS (NYSE:FIGS) Issues Earnings Results

FIGS (NYSE:FIGS – Get Rating) announced its earnings results on Thursday. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01, Briefing.com reports. The company had revenue of $122.20 million during the quarter, compared to analysts’ expectations of $117.96 million. FIGS had a net margin of 7.18% and a return on equity of 17.44%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.26) earnings per share. FIGS updated its FY 2022 guidance to EPS.

FIGS Price Performance

FIGS traded up $0.76 during midday trading on Friday, hitting $11.80. 5,482,308 shares of the company’s stock traded hands, compared to its average volume of 2,610,287. The company has a market cap of $1.94 billion, a PE ratio of 69.41, a price-to-earnings-growth ratio of 34.58 and a beta of 1.65. The stock’s fifty day simple moving average is $9.16 and its 200-day simple moving average is $14.54. FIGS has a one year low of $6.93 and a one year high of $48.63.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FIGS. Piper Sandler began coverage on shares of FIGS in a research report on Friday, July 22nd. They issued an “overweight” rating and a $15.00 price objective for the company. FIG Partners lowered shares of FIGS from a “buy” rating to a “neutral” rating and cut their price objective for the company from $32.00 to $12.00 in a research report on Monday, May 16th. Oppenheimer cut their price objective on shares of FIGS from $45.00 to $22.00 and set a “na” rating for the company in a research report on Monday, May 16th. Credit Suisse Group dropped their price target on shares of FIGS from $26.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 13th. Finally, The Goldman Sachs Group downgraded shares of FIGS from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $14.00 to $7.00 in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.69.

Hedge Funds Weigh In On FIGS

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC bought a new position in shares of FIGS in the first quarter valued at approximately $51,000. Canada Pension Plan Investment Board bought a new position in shares of FIGS in the first quarter valued at approximately $101,000. Ensign Peak Advisors Inc bought a new position in shares of FIGS in the first quarter valued at approximately $143,000. Citigroup Inc. raised its position in shares of FIGS by 30.3% in the first quarter. Citigroup Inc. now owns 9,503 shares of the company’s stock valued at $204,000 after purchasing an additional 2,211 shares during the period. Finally, Raymond James & Associates raised its position in shares of FIGS by 12.8% in the first quarter. Raymond James & Associates now owns 9,970 shares of the company’s stock valued at $215,000 after purchasing an additional 1,129 shares during the period. Institutional investors own 70.56% of the company’s stock.

FIGS Company Profile

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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, and masks. It also offers sports bras, performance leggings, tops, super-soft pima cotton tops, vests, and jackets.