Shares of FIGS (NYSE:FIGS) stock are in the spotlight today on the heels of a massive insider transaction. FIGS operates as a healthcare apparel brand known mostly for manufacturing scrubs for medical professionals.
For FIGS stock, the past year has been quite volatile. The stock has a 52-week high of $50.40 and a 52-week low of $13.04. Currently, it trades around the $21 mark.
With that in mind, let’s jump into the details of the insider transaction.
Insider Buys FIGS Stock
Based on a Form 4 received by the U.S. Securities and Exchange Commission (SEC) yesterday, Tulco purchased 253,637 shares of FIGS stock on March 21. Tulco is an investment fund owned by billionaire and insider Thomas Tull, who is a 10% shareholder of the company. Tull purchased shares at prices ranging from $19.38 to $20.16. In addition, Tull indirectly owns an additional 25.5 million shares through Tull Family Trust.
Insiders may sell shares for a variety of reasons, whether it be for personal expenses, tax expenses or a loss of faith in the company. However, insiders only buy shares for one reason: they believe the price will go up.
So, are other insiders bullish on this company? According to Nasdaq, insiders have purchased 15 million shares in the past 12 months. However, insiders have also sold 108.6 million shares of FIGS stock in the past 12 months. That brings the total net activity to 93.6 million shares sold.
Who Else Is Betting Big on FIGS?
Institutional ownership is important to track, as these large investors provide stocks with liquidity and price support.
According to WhaleWisdom, which tracks all 13F filers, 151 funds hold FIGS stock as of the fourth quarter. This marks an increase of 14 funds from the prior quarter. In addition, 13F filers own 100 million shares of FIGS, up 23% from 81.4 million in Q3. Finally, the put/call ratio lies at 0.76, which means that more funds own call options on the stock than put options.
That said, let’s take a look at the top five institutional shareholders of FIGS stock:
- Tulco (accurate as of Q3): 58 million shares or 38.24% ownership.
- T. Rowe Price (NASDAQ:TROW): 17.43 million shares or 11.49% ownership.
- Viking Global: 14.74 million shares or 9.72% ownership.
- Franklin Resources (NYSE:BEN): 8.33 million shares or 5.49% ownership.
- Vanguard Group: 7.96 million shares or 5.24% ownership.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.