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Why Figs (FIGS) Shares Are Falling Today

November 08, 2024 at 13:12 PM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

FIGS Cover Image

What Happened?

Shares of healthcare apparel company Figs (NYSE: FIGS) fell 29.5% in the afternoon session after the company reported weak third-quarter earnings. Its EBITDA missed, and its EPS fell short of Wall Street's estimates.

Sales declined slightly by 1.5% year-over-year. This decrease was primarily due to lower average order values. On the other hand, orders from existing customers increased.

Profitability took a hit as adjusted EBITDA margin dropped significantly to 3.4% from 17.2% last year, impacted by higher marketing costs and fulfillment center expenses.

Given the weak results, FIGS lowered its full-year revenue growth and EBITDA margin guidance, which is always a worrisome sign. Overall, this quarter could have been better.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Figs? Access our full analysis report here, it’s free.

What The Market Is Telling Us

Figs’s shares are extremely volatile and have had 39 moves greater than 5% over the last year. But moves this big are rare even for Figs and indicate this news significantly impacted the market’s perception of the business.

Figs is down 29.8% since the beginning of the year, and at $4.72 per share, it is trading 40.6% below its 52-week high of $7.94 from December 2023. Investors who bought $1,000 worth of Figs’s shares at the IPO in May 2021 would now be looking at an investment worth $156.40.

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