Figs Inc falls after Spruce Point issues 'strong sell' opinion

Figs

07/09/2022 14:34

** Shares of apparel retailer Figs Inc  FIGS.N  down 4.5% at
$10.54 in morning trading
    ** Spruce Point Capital Management, releases a 'strong sell'
opinion on the company's stock, adding that it sees 45% to 60%
downside risk to FIGS' share price
    ** Believes Figs Inc will likely fail to achieve its growth
ambitions and sees growing signs of financial and business
strains amid greater competition and investor scrutiny - Spruce
Point
    ** FIGS did not immediately respond to a Reuters request for
comment
    ** 7 of 12 brokerages rate the stock "buy" or higher, 4
"hold" and 1 "sell"; their median PT is $15
    ** Stock had fallen over 50% so far this year

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.Bedi@thomsonreuters.com;))