Why Is JPMorgan Chase & Co. Reducing Its Stake in FIGS, Inc. (NYSE:FIGS)?

3 min read | April 22, 2025 03:08 AM PDT | By Team Kalkine Media

Why Is JPMorgan Chase & Co. Reducing Its Stake in FIGS, Inc. (NYSE:FIGS)? — Image source: Shutterstock

FIGS, Inc. Overview

FIGS, Inc. (NYSE:FIGS) operates within the healthcare sector, offering medical scrubs and apparel to healthcare professionals. The company has gained significant recognition for its high-quality, comfortable, and stylish medical wear. With a focus on delivering products that cater to the specific needs of healthcare workers, FIGS continues to expand its presence in a growing healthcare market.

Institutional Ownership Trends

A recent filing with the SEC revealed that JPMorgan Chase & Co. reduced its holdings in FIGS, Inc. by approximately 12.7% during the fourth quarter. After the sale of over 76,000 shares, JPMorgan Chase & Co. now holds around 520,000 shares of the company, valued at around $3 million. This reduction is notable as JPMorgan Chase & Co. was one of the larger institutional investors in FIGS, with its holdings accounting for roughly 0.31% of the company's stock.

Other institutional investors have also adjusted their positions in the company. State Street Corp, for example, increased its holdings by 1.4% in the third quarter. This increase saw State Street Corp adding over 38,000 shares to its position, bringing its total to around 2.7 million shares. Similarly, Barclays PLC made a significant move, growing its stake in FIGS by more than 150%, acquiring an additional 173,000 shares during the same period. This increase in ownership reflects growing institutional interest in FIGS, despite some fluctuations in its stock activity.

Holdings of Major Hedge Funds and Investors

Hedge funds and institutional investors are significant stakeholders in FIGS, Inc. Recent filings show that a substantial portion of the company's stock is owned by these entities. As of the latest reports, institutional investors and hedge funds together control over 92% of FIGS' shares. This heavy institutional involvement suggests that the company has garnered considerable interest from large, influential players within the financial sector.

The company's stock remains a focal point for institutional investors, many of whom have adjusted their stakes in recent months. For example, Geode Capital Management raised its position in FIGS by 3.8%, acquiring additional shares in the third quarter. Similarly, Franklin Resources Inc. and Sugar Maple Asset Management LLC have made moves to either increase or establish new positions in the company. These shifts are indicative of the ongoing adjustments within FIGS' investor base, as institutions fine-tune their exposure to the company.

The Dynamics of FIGS' Stock and Market Sentiment

Despite the varied adjustments by institutional investors and changes in analyst assessments, FIGS' position within the healthcare apparel sector remains stable. The company's products continue to be in demand as healthcare professionals seek quality workwear. However, market sentiment toward FIGS has fluctuated based on recent changes in its stock price and the broader market environment.

Although JPMorgan Chase & Co. and other institutional investors have reduced their positions, the majority of FIGS' stock remains in the hands of large institutional entities. The company faces the ongoing challenge of maintaining its market presence while navigating investor sentiment and external market conditions.

This ongoing shift in investor sentiment and institutional positions will be essential to watch as it may provide insights into FIGS' future direction and its standing within the broader healthcare sector. However, there remains a degree of uncertainty regarding the company's trajectory, as various investors adjust their stakes based on shifting market dynamics.

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