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Ark Invest, led by Cathie Wood, made significant trades on Thursday, notably purchasing shares of Figma Inc. (NYSE:FIG). This move comes as Figma’s stock experienced a sharp decline due to disappointing earnings results.
Ark Invest acquired 108,238 shares of Figma Inc. (NYSE:FIG) through its ARK Next Generation Internet ETF (BATS:ARKW). This purchase occurred as Figma’s stock plummeted nearly 20% on Thursday, closing at $54.56. The total value of the trade amounted to approximately $5.9 million.
Figma’s stock drop followed the release of its second-quarter earnings, which revealed a revenue of $249.64 million, surpassing the consensus estimate of $228.2 million. However, the company’s earnings per share fell short, recording zero cents compared to the expected 18 cents. Analysts subsequently adjusted their forecasts for Figma, contributing to the bearish sentiment.
Despite the earnings miss, Figma’s revenue showed a 41% year-over-year increase from $177.2 million in the same quarter last year. The mixed results and subsequent analyst downgrades led to the stock’s significant decline, possibly presenting an opportunity for Ark Invest to increase its stake.
Benzinga's Edge Stock Rankings show that Figma stock checks out on Medium and Long Price Trends. Here is how the stock performs on other parameters.
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