Figma Borrow Market Tightens as Short Sellers Pile In

Why this matters: Short interest in FIG has climbed to 20.3% of free float — up 47% in a single month. Availability in the lending pool sits at just 13.1%, and the cost to borrow has nearly doubled in a week. Three distinct lending signals are now converging on the same name.

A Month of Relentless Shorting

Figma's short position has built steadily since late May. Shares short stood near 57 million on May 26. By June 29, that figure had reached 84.6 million — a 49% rise in just over a month.

The week-on-week pace is accelerating too. SI % of float jumped 13.8% in the past week alone, reaching 20.3%. The ORTEX short score sits at 73.1, a fresh high for the recent period, and FIG ranks in the 4th percentile for short score across all stocks — meaning 96% of names carry a lower short score.

Availability Has Collapsed

The lending market tells the same story. Availability — the ratio of shares still available to borrow against shares already borrowed — stands at just 13.1%. That means roughly one share remains unborrowed for every seven already lent out.

Six weeks ago, on May 29, availability was 64%. It has since compressed sharply. The 52-week floor hit 0.007%, so the pool has been near-empty before. But the current trajectory is steep: availability dropped 24.6% in the past week alone.

Cost to borrow reflects the squeeze. CTB hit 2.02% on June 29, up 58% over the prior week and more than double its level a month ago. That's still a moderate absolute rate, but the direction and velocity are both notable.

Analysts Cut Targets as Stock Falls 25%

FIG shares trade at $19.08, down 25.2% over the past month. The stock fell 10.8% the week of June 23, coinciding with the first sharp leg of SI acceleration.

Analysts have responded with target cuts. Wells Fargo's Michael Turrin lowered his target from $42 to $36 on June 26 while maintaining Overweight. RBC Capital's Rishi Jaluria cut from $28 to $22 on June 25, keeping a Sector Perform rating. The consensus mean target is $36.11 — nearly double the current price — but that gap reflects disagreement, not conviction. Citigroup only initiated coverage at Buy with a $36 target on June 17.

Insiders have been net sellers. The CFO and several C-suite officers sold shares in early June at prices between $22.75 and $26.40 — all well above where the stock trades today.

Data Summary

• SI % of free float: 20.3% (up 13.8% week-on-week, up 47.4% month-on-month)
• Availability: 13.1% — very tight (down 24.6% in one week)
• Cost to borrow: 2.02% (up 58% week-on-week, up 108% month-on-month)
• ORTEX short score: 73.1 — 4th percentile (short score rank)
• Price: $19.08, down 25.2% over one month
• Next earnings: August 13, 2026
• Analyst mean target: $36.11 (Wells Fargo $36, RBC $22, Piper Sandler $30, Citi $36)