Cathie Wood’s Ark Invest Snaps Up 60K Figma Shares Amid Blazing 250% NYSE Debut

Figma (FIG) had a rip-roaring debut on Wall Street as the stock surged up 250% on its trading debut on the NYSE on Thursday. Reposing faith in the cloud-based design tool company, Cathie Wood’s Ark Invest, an investor in disruptive innovative technology, lapped up about 60,000 shares in the company.

Figma stock began trading at $84.11, significantly higher than the initial public offering (IPO) price of $33 per share, and fluctuated within a range of $84.11 to $124.63. The session ended at $115.50. The IPO price was increased from the previously estimated $30 to $32 price range. Approximately 53 million shares changed hands during the session. 

San Francisco, California-based Figma offered 36.94 million shares, raising $1.2 billion in the IPO, which gave it a valuation of $19.3 billion.

The company was courted by Adobe in 2022, but the proposed $20 billion deal fell through due to regulatory concerns. 

In its daily trade update, Wood’s Ark said its Ark Next Generation ETF (ARKW) bought 60,000 shares worth $69.30 million.

On Stocktwits, retail sentiment toward Figma stock stayed ‘extremely bullish’ (99/100), with the message volume at ‘extremely high’ levels.

The 24-hour change in watchers on the platform was about 150% and the message volume change was 3,272%. The stock was among the top five trending tickers on the platform early Friday.

A bullish watcher said they expected Figma to run a few more days before any pullback, adding that they wouldn’t short it. “Figma is going much, much higher, even replacing Adobe, which had an opportunity to buy Figma a couple of years ago,” they added.

Another user said the stock was profitable for an IPO.

In overnight trading, Figma stock rose by over 24%, indicating that it could continue to move higher. The stock stream now has over 9,000 watchers.

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