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FIGS Stock Tumbles Over 20% After Slashing Sales Forecast, Credit Suisse Still Bullish as Supply Chain Headwinds are Temporary

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© Reuters. FIGS (FIGS) Stock Tumbles Over 20% After Slashing Sales Forecast, Credit Suisse Still Bullish as Supply Chain Headwinds are Temporary

Shares of Figs Inc (NYSE:FIGS) are down nearly 24% in premarket trading Friday after the healthcare apparel brand trimmed its FY 2022 sales growth and issued a weaker-than-expected EBITDA guidance.

Figs reported Q1 net revenue of $110.1 million, missing the consensus estimates of $117.3 million. The company reported an adjusted EPS of 5c, while analysts were expecting 6.2c per share. Adjusted EBITDA stood at $25 million, compared to the consensus projection of $26 million.

Figs expects FY net revenue in the range of $510 million to $530 million, down from its previous forecast of $550 million to $560 million, compared to the analyst expectations of $556.5 million.

The company said it slashed its FY revenue guidance due to supply chain challenges and a wide range of macroeconomic factors such as rising inflation and shifts in consumer spending. Figs also trimmed its FY gross margin guidance as a result of a sharp increase in the use of air freight to help tackle supply chain challenges.

Credit Suisse analyst Michael Binetti cut the price target from $26.00 per share to $15.00. The analyst also reiterated an Outperform rating as FIGS is a “highly differentiated “disruptor” with low market share (~4%) and strong consumer awareness momentum to fuel strong growth for several years despite 2 major supply chain missteps in the last 3 quarters.”

The Outperform rating is based on the belief that “FIGS should still be able to grow profitably for several years once current supply chain headwinds abate.”

By Senad Karaahmetovic

 

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Lattice Semiconductor Upgraded by Susquehanna on ‘Perfect Roadmap’

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© Reuters. Lattice Semiconductor Upgraded By Susquehanna On ‘Perfect Roadmap’

By Sam Boughedda

Lattice Semiconductor Corporation (NASDAQ:LSCC) was upgraded from Neutral to Positive by Susquehanna analyst Christopher Rolland on Tuesday.

The analyst, who also raised the firm’s price target on Lattice from $58 to $65, said that with the company’s shares down -35% for the year-to-date, they are using any macro weakness to selectively upgrade its third semiconductor company this year.

“While we downgraded shares of LSCC last April, both revenue outperformance and margin expansion have significantly bested our expectations, allowing share to grow into a reasonable valuation,” wrote Rolland.

“Looking forward, we believe the growth and margin story should continue to upside, helped by the company’s long-term product roadmap and the upcoming midrange Avant product launch,” he added.

Rolland stated that the company’s new midrange product Avant is a “potential game-changer” and will double their addressable market to $6 billion.

Other factors which influenced the analyst’s rating change included recent insider buying from Chief Strategy and Marketing Officer Esam Elashmawi, and Lattice’s balance sheet being “pristine into a potential downturn.”

Lattice stock is down 2.5% in early trading Tuesday.

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Tesla loses bid to move sexual harassment lawsuit to arbitration

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© Reuters. FILE PHOTO: A Tesla vehicle drives past Tesla’s primary vehicle factory after CEO Elon Musk announced he was defying local officials’ coronavirus disease (COVID-19) restrictions by reopening the plant in Fremont, California, U.S. May 11, 2020. REUTERS/Ste

By Daniel Wiessner

(Reuters) – A California state judge has rejected Tesla (NASDAQ:TSLA) Inc’s bid to send a lawsuit alleging widespread sexual harassment at the company’s flagship assembly plant to private arbitration, allowing it to move forward in court.

California Superior Court Judge Stephen Kaus in Oakland denied Tesla’s motion to compel arbitration in a brief order without explanation on Monday.

Lawyers for the plaintiff, Jessica Barraza, had argued that an arbitration agreement she signed was invalid because it improperly required her to bring legal claims in confidential proceedings while still allowing Tesla to sue in open court.

Barraza in the lawsuit filed in November claims workers and supervisors at the Fremont, California plant routinely made lewd comments and gestures to female employees, and that the company failed to address complaints.

The lawsuit is one of at least seven pending in California state court to make similar claims against Tesla. Kaus is presiding over five more of those cases.

Tesla did not immediately respond to a request for comment on Tuesday. Nor did a lawyer for Barraza.

Along with the pending sexual harassment claims, Tesla is facing separate lawsuits accusing it of tolerating widespread race discrimination at its plants. A California judge last month awarded $15 million to a Black former factory worker who said he was subjected to racist slurs and graffiti from coworkers.

Tesla has said it does not tolerate harassment and has disciplined and fired workers who engaged in misconduct.

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Moderna CEO to Exercise Options, Donate Hundreds of Millions to Charity

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© Reuters Moderna (MRNA) CEO to Exercise Options, Donate Hundreds of Millions to Charity

By Senad Karaahmetovic

Moderna (NASDAQ:MRNA) CEO Stéphane Bancel announced his plan to donate to charity all of the after-tax proceeds of the original stock options he received upon joining the biotechnology company in 2013.

The donation is expected to amount to about $355 million (assuming the stock is priced at around $140 per share), and after $280 million in tax payments.

Bancel, who received the original stock option grant (due to expire in August 2023) in 2013, said he has never exercised a single stock option since joining the company 11 years ago.

He added that he offloaded Moderna stock under 10b5-1 plans and gifted the shares to charity, all of which were purchased using his family’s savings before Moderna went public.

Bancel said the stock option “will expire and be worthless” if not exercised now and it presents an opportunity “to create a positive change in the world.”

In an effort to prevent a high number of shares from flooding the market at once and potentially affecting the company’s stock price, Bancel has set up a 10b5-1 plan through which he plans to exercise 40,000 shares on Wednesday and 40,000 on Thursday each week, starting May 25, until fully exercised.

“My family also has our investment entity OCHA LLC, which, under another 10b5-1 plan, sells 10,000 shares each Thursday. These proceeds are invested in private companies trying to have a positive impact on the world: healthcare companies and companies focused on addressing the adverse impact of climate change. The 10b5-1 plan for OCHA LLC is scheduled to run through the end of 2022,” said Bancel in a blog post.

Moderna shares are down nearly 1% in pre-open Tuesday.

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