Figs (NYSE: FIGS) went public on May 27, 2021. The maker of fitted scrubs and other medical apparel priced its shares at $22, and they started trading at $28.30 before surging to an all-time high of $50.10 a month later. Figs attracted so much attention because it seemed perfectly poised to disrupt the medical apparel market, which was known for selling boxy and ill-fitting scrubs from a fragmented network of aging suppliers.

However, rising interest rates and a more cost-conscious consumer have slowed revenue growth and sent the stock tumbling to just under $7 today. Could this out-of-favor apparel stock bounce back in 2023? Let's take a look.

Image source: FIGS.

Continue reading

Source Fool.com