Just saw Keybanc upgraded FIGS from Sector Weight to Overweight on Feb 27. Interesting timing given the stock was trading around $12.47 at that point. Their price target sits at $10.01 though, which actually suggests about 20% downside from where it was - kind of mixed signals there.

Revenue projections look decent though, expecting 798MM annually with 26.38% growth. Non-GAAP EPS forecast is 0.46. The put/call ratio at 0.03 is pretty bullish overall.

What's catching my eye is the fund positioning. About 336 institutions are holding FIGS positions, down 41 from last quarter. Bamco is the biggest holder with nearly 39% ownership and actually increased their stake by 73.57% last quarter - that's a pretty aggressive move. Meanwhile Ameriprise cut their position hard, down 94.68%, which is a significant reduction. Divisadero Street Capital went the opposite direction, massively increasing from just 35K shares to 4.4MM.

Total institutional ownership dropped 5.78% to 172.2MM shares, so there's some mixed conviction here. The upgrade from Keybanc is notable but the fund flows seem pretty scattered. Worth keeping an eye on how these positions evolve.