FIGS (NYSE: FIGS) CFO Sarah Oughtred trims holding by 8.6% in a stock sale

What happened

FIGS, Inc. (NYSE: FIGS) Chief Financial Officer Sarah Oughtred sold 90,000 Class A shares on Nov. 11 for about $1.97 million. The Form 4 shows Oughtred still holding 954,007 shares afterward.

The reported price of $21.92 is a weighted average. Oughtred sold the shares in multiple transactions at prices from $21.90 to $22.10 per share, inclusive, the Form 4 says.

Key numbers

Metric	Latest	Change	Source
Shares sold	90,000 shares		SEC Form 4
Weighted average sale price	$21.92		SEC Form 4
Total sale value	$1.97 million		SEC Form 4
Shares held after the sale	954,007 shares		SEC Form 4
Share of pre-trade holding sold	8.6%		Calculated from SEC Form 4

Read more: FIGS (FIGS) company research

Why it matters

By OptimistFi's calculation, the sale was 8.6% of the 1,044,007 shares Oughtred held before the trade. That makes it a minority slice of the position.

Most of what remains is not yet common stock. The Form 4 says 787,947 of the securities Oughtred holds afterward are restricted stock units, each a contingent right to receive one share of Class A common stock.

OptimistFi calculates that the restricted units make up 82.6% of the shares held afterward. Subtracting them leaves 166,060 shares that are not listed as restricted stock units. Because each unit is only a contingent right to receive one share, most of the remaining position depends on that right converting into stock.

Because the price is a weighted average across multiple transactions, the total sale value reflects a range of fills rather than one trade at a single price.

OptimistFi has argued that FIGS works if its clinician brand proves to be a repeat-purchase workwear platform rather than a premium scrub fashion cycle. One officer's sale does not test that, so the sale leaves the investment case unchanged.

The transaction is a single day's sale by one executive, and the holding it leaves behind is mostly restricted stock units. It is weak evidence either way on whether customers keep coming back.

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What's next

FIGS' next quarterly report is the next scheduled test of the case. Results showing customers returning to buy again would support OptimistFi's view, while a slowdown that looks like a fashion cycle would weaken it.

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