FIGS (NYSE:FIGS) Releases Quarterly Earnings Results

Posted by on May 14th, 2022

FIGS (NYSE:FIGS – Get Rating) announced its quarterly earnings results on Thursday. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01), MarketWatch Earnings reports. FIGS had a negative net margin of 2.28% and a negative return on equity of 1.83%. The business had revenue of $110.10 million during the quarter, compared to analysts’ expectations of $117.33 million. During the same period last year, the company earned $0.07 EPS. The firm’s revenue for the quarter was up 26.4% on a year-over-year basis. FIGS updated its FY 2022 guidance to EPS.

FIGS stock opened at $9.64 on Friday. FIGS has a 12-month low of $9.23 and a 12-month high of $50.40. The company has a market capitalization of $1.58 billion and a price-to-earnings ratio of -80.33. The firm’s fifty day moving average price is $18.10 and its 200 day moving average price is $23.21.

Several equities analysts recently issued reports on FIGS shares. KeyCorp reduced their price objective on shares of FIGS from $45.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, January 20th. Piper Sandler reduced their price objective on shares of FIGS from $45.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 9th. Zacks Investment Research downgraded shares of FIGS from a “buy” rating to a “hold” rating in a research note on Friday. Telsey Advisory Group reduced their price objective on shares of FIGS from $46.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Finally, Truist Financial initiated coverage on shares of FIGS in a research report on Thursday, April 7th. They set a “buy” rating and a $32.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $32.43.

In related news, major shareholder Thomas Tull acquired 253,637 shares of the firm’s stock in a transaction on Monday, March 21st. The stock was bought at an average cost of $19.75 per share, with a total value of $5,009,330.75. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniella Turenshine sold 8,414 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The stock was sold at an average price of $14.63, for a total transaction of $123,096.82. The disclosure for this sale can be found here. Insiders have purchased a total of 361,972 shares of company stock worth $7,254,405 in the last ninety days.

Hedge funds have recently made changes to their positions in the business. Deutsche Bank AG boosted its holdings in shares of FIGS by 201.2% in the 4th quarter. Deutsche Bank AG now owns 1,497 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares during the period. MetLife Investment Management LLC acquired a new position in shares of FIGS in the 1st quarter valued at about $51,000. Metropolitan Life Insurance Co NY boosted its holdings in shares of FIGS by 391.2% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 3,124 shares of the company’s stock valued at $86,000 after buying an additional 2,488 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of FIGS in the 1st quarter valued at about $101,000. Finally, Belpointe Asset Management LLC boosted its holdings in shares of FIGS by 48.5% in the 4th quarter. Belpointe Asset Management LLC now owns 5,202 shares of the company’s stock valued at $144,000 after buying an additional 1,700 shares during the period. 70.56% of the stock is owned by institutional investors.

FIGS Company Profile (Get Rating)

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.

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