FIGS (NYSE:FIGS) Stock Price Down 3.2% – Here’s Why

FIGS, Inc. (NYSE:FIGS)’s stock price was down 3.2% during trading on Thursday . The company traded as low as $5.95 and last traded at $5.99. Approximately 388,852 shares traded hands during trading, a decline of 89% from the average daily volume of 3,472,006 shares. The stock had previously closed at $6.19.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FIGS. Barclays dropped their price objective on shares of FIGS from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 12th. Telsey Advisory Group reiterated a “market perform” rating and issued a $7.00 price target on shares of FIGS in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered their price objective on FIGS from $5.00 to $4.50 and set a “sell” rating on the stock in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $5.35.

FIGS Price Performance

The firm’s 50-day simple moving average is $5.59 and its 200 day simple moving average is $5.75. The firm has a market capitalization of $995.09 million, a price-to-earnings ratio of 97.67, a P/E/G ratio of 299.52 and a beta of 1.33.

Institutional Investors Weigh In On FIGS

A number of hedge funds have recently made changes to their positions in the stock. Bamco Inc. NY lifted its stake in FIGS by 12.5% in the 3rd quarter. Bamco Inc. NY now owns 30,030,078 shares of the company’s stock valued at $205,406,000 after purchasing an additional 3,342,755 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of FIGS by 318.1% during the second quarter. Squarepoint Ops LLC now owns 1,516,131 shares of the company’s stock worth $8,081,000 after buying an additional 1,153,481 shares in the last quarter. Rice Hall James & Associates LLC bought a new position in FIGS in the second quarter valued at about $3,856,000. Millennium Management LLC raised its holdings in FIGS by 296.4% in the 2nd quarter. Millennium Management LLC now owns 623,536 shares of the company’s stock valued at $3,323,000 after buying an additional 466,252 shares during the last quarter. Finally, Algert Global LLC boosted its position in FIGS by 175.4% during the 2nd quarter. Algert Global LLC now owns 638,306 shares of the company’s stock worth $3,402,000 after buying an additional 406,556 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

FIGS Company Profile

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.