Federated Hermes Inc. Purchases 25,000 Shares of FIGS, Inc. (NYSE:FIGS)

Posted by on Mar 10th, 2023

Federated Hermes Inc. lifted its holdings in FIGS, Inc. (NYSE:FIGS – Get Rating) by 6.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 400,000 shares of the company’s stock after buying an additional 25,000 shares during the period. Federated Hermes Inc. owned approximately 0.24% of FIGS worth $3,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FIGS. Macquarie Group Ltd. increased its position in shares of FIGS by 44.2% during the 3rd quarter. Macquarie Group Ltd. now owns 13,289,241 shares of the company’s stock valued at $109,660,000 after purchasing an additional 4,075,927 shares during the last quarter. State Street Corp increased its holdings in FIGS by 78.2% during the second quarter. State Street Corp now owns 2,614,302 shares of the company’s stock worth $23,816,000 after buying an additional 1,146,907 shares during the last quarter. Soros Fund Management LLC raised its position in FIGS by 60.7% in the first quarter. Soros Fund Management LLC now owns 2,896,215 shares of the company’s stock worth $62,327,000 after acquiring an additional 1,094,393 shares during the period. BlackRock Inc. boosted its stake in FIGS by 10.9% in the third quarter. BlackRock Inc. now owns 9,780,882 shares of the company’s stock valued at $80,693,000 after acquiring an additional 957,411 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of FIGS by 340.0% during the 2nd quarter. Northern Trust Corp now owns 971,555 shares of the company’s stock valued at $8,851,000 after acquiring an additional 750,729 shares during the period.

FIGS Stock Performance

NYSE:FIGS opened at $6.39 on Friday. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 53.25, a P/E/G ratio of 6.93 and a beta of 1.63. The stock has a fifty day moving average of $8.25 and a 200 day moving average of $8.24. FIGS, Inc. has a 52-week low of $5.55 and a 52-week high of $23.93.

FIGS (NYSE:FIGS – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The company had revenue of $144.90 million during the quarter, compared to analyst estimates of $135.53 million. FIGS had a return on equity of 10.21% and a net margin of 4.19%. FIGS’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 earnings per share. Equities analysts forecast that FIGS, Inc. will post 0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Catherine Eva Spear acquired 750,000 shares of the stock in a transaction dated Tuesday, March 7th. The shares were purchased at an average price of $6.32 per share, for a total transaction of $4,740,000.00. Following the transaction, the chief executive officer now owns 757,073 shares in the company, valued at approximately $4,784,701.36. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other FIGS news, CFO Daniella Turenshine sold 14,209 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $6.66, for a total value of $94,631.94. Following the completion of the sale, the chief financial officer now owns 359,321 shares of the company’s stock, valued at $2,393,077.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Catherine Eva Spear purchased 750,000 shares of FIGS stock in a transaction on Tuesday, March 7th. The shares were acquired at an average price of $6.32 per share, for a total transaction of $4,740,000.00. Following the completion of the transaction, the chief executive officer now directly owns 757,073 shares of the company’s stock, valued at $4,784,701.36. The disclosure for this purchase can be found here. Corporate insiders own 21.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FIGS shares. Cowen reduced their price objective on FIGS to $6.00 in a report on Wednesday, November 16th. Cowen lifted their price objective on FIGS from $6.00 to $11.00 and gave the stock a “market perform” rating in a report on Tuesday, January 31st. Guggenheim lowered their price objective on FIGS to $12.00 in a research note on Wednesday, November 16th. Piper Sandler cut their target price on shares of FIGS to $10.00 in a research report on Wednesday, November 16th. Finally, Raymond James boosted their price target on shares of FIGS from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Wednesday, February 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, FIGS presently has an average rating of “Hold” and an average price target of $11.23.

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.

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Institutional Ownership by Quarter for FIGS (NYSE:FIGS)

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