FIGS, Inc. (NYSE:FIGS) Sees Significant Decline in Short Interest

FIGS, Inc. (NYSE:FIGS) was the recipient of a significant decline in short interest in December. As of December 15th, there was short interest totalling 18,150,000 shares, a decline of 10.1% from the November 30th total of 20,200,000 shares. Approximately 14.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,850,000 shares, the days-to-cover ratio is presently 6.4 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price objective on FIGS from $5.00 to $4.50 and set a “sell” rating for the company in a research report on Tuesday, December 10th. Barclays reduced their price objective on FIGS from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 12th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $7.00 target price on shares of FIGS in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.35.

Institutional Trading of FIGS

A number of institutional investors have recently bought and sold shares of FIGS. JPMorgan Chase & Co. lifted its stake in FIGS by 165.4% in the third quarter. JPMorgan Chase & Co. now owns 598,028 shares of the company’s stock worth $4,091,000 after purchasing an additional 372,693 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of FIGS by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,120,304 shares of the company’s stock worth $7,461,000 after acquiring an additional 36,697 shares during the last quarter. Geode Capital Management LLC boosted its holdings in FIGS by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,977,364 shares of the company’s stock valued at $20,369,000 after acquiring an additional 109,979 shares during the period. Barclays PLC grew its position in FIGS by 152.5% in the 3rd quarter. Barclays PLC now owns 286,974 shares of the company’s stock valued at $1,963,000 after acquiring an additional 173,316 shares during the last quarter. Finally, State Street Corp increased its stake in FIGS by 1.4% in the third quarter. State Street Corp now owns 2,743,494 shares of the company’s stock worth $18,765,000 after purchasing an additional 38,787 shares during the period. 92.21% of the stock is currently owned by institutional investors.

FIGS Price Performance

Shares of NYSE:FIGS traded down $0.06 during trading on Wednesday, hitting $6.19. The company had a trading volume of 1,721,408 shares, compared to its average volume of 3,472,006. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 103.17, a price-to-earnings-growth ratio of 299.52 and a beta of 1.33. The company has a fifty day simple moving average of $5.59 and a two-hundred day simple moving average of $5.75. FIGS has a one year low of $4.30 and a one year high of $7.05.

About FIGS

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.