FIGS (NYSE:FIGS) Releases Earnings Results, Beats Estimates By $0.01 EPS

FIGS (NYSE:FIGS – Get Rating) announced its quarterly earnings data on Thursday. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01, Briefing.com reports. FIGS had a net margin of 7.18% and a return on equity of 17.44%. The firm had revenue of $122.20 million for the quarter, compared to the consensus estimate of $117.96 million. During the same period last year, the firm earned ($0.26) EPS. The company’s revenue was up 20.9% on a year-over-year basis. FIGS updated its FY 2022 guidance to EPS.

FIGS Price Performance

FIGS stock traded up $0.76 during trading on Friday, reaching $11.80. 5,482,308 shares of the company were exchanged, compared to its average volume of 2,610,287. The stock’s 50 day simple moving average is $9.16 and its two-hundred day simple moving average is $14.54. The company has a market capitalization of $1.94 billion, a P/E ratio of 69.41, a PEG ratio of 34.58 and a beta of 1.65. FIGS has a 52-week low of $6.93 and a 52-week high of $48.63.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FIGS shares. KeyCorp initiated coverage on FIGS in a report on Thursday, July 21st. They set a “sector weight” rating on the stock. Bank of America lowered shares of FIGS from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $12.00 in a report on Monday, May 16th. Credit Suisse Group lowered their target price on FIGS from $26.00 to $15.00 and set an “outperform” rating on the stock in a research note on Friday, May 13th. Barclays lifted their price objective on FIGS from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Piper Sandler assumed coverage on shares of FIGS in a report on Friday, July 22nd. They set an “overweight” rating and a $15.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.69.

Institutional Investors Weigh In On FIGS

Hedge funds have recently modified their holdings of the company. Raymond James & Associates raised its stake in shares of FIGS by 12.8% in the 1st quarter. Raymond James & Associates now owns 9,970 shares of the company’s stock valued at $215,000 after acquiring an additional 1,129 shares during the period. UBS Group AG grew its stake in FIGS by 8.6% during the 1st quarter. UBS Group AG now owns 22,506 shares of the company’s stock valued at $484,000 after purchasing an additional 1,782 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in FIGS by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 248,047 shares of the company’s stock valued at $5,338,000 after buying an additional 2,126 shares during the last quarter. Citigroup Inc. lifted its holdings in FIGS by 30.3% in the 1st quarter. Citigroup Inc. now owns 9,503 shares of the company’s stock valued at $204,000 after acquiring an additional 2,211 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of FIGS in the first quarter worth approximately $51,000. Hedge funds and other institutional investors own 70.56% of the company’s stock.

About FIGS

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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.