FIG has now printed its first major earnings report as a public company — and the positioning data heading into it captures the tension perfectly: a stock up 27% in a month, carrying nearly 15% of its float in short interest, with insiders selling heavily into the strength.
The earnings history frames the stakes bluntly. The prior print on June 2 sent the stock down 16% on the day and 24% over the following five days. Before that, the May 14 report produced a 21% one-day gain that held for a week. This is a stock that moves violently on results — and this week delivered an 8.8% single-day jump and an 11.2% gain over the past five sessions, suggesting the market leaned bullish into the number.
Short positioning has shifted meaningfully, though the bears haven't left the room. Short interest still accounts for 14.7% of the free float — elevated by any standard — but that figure has dropped 28% over the past month, with shares short falling from around 86 million in early July to roughly 61 million now. The coverage has been aggressive and orderly. Borrow availability has loosened alongside it, rising to 33% after spending much of July below 10%. Cost to borrow has more than halved from its late-June high of around 2%, now running at just 0.63%. The ORTEX short score of 69.8 remains in the bottom 5th percentile of the market — still a structurally short-heavy name, but no longer one where the borrow market is stretched. Compared with the near-zero availability readings of early July, the current lending pool looks noticeably more relaxed.
Options tell a slightly more defensive story than the broader bullish price move implies. The put/call ratio moved up to 0.51 in the past two sessions — about one standard deviation above its 20-day average of 0.43 — after spending most of July below 0.37. That's not a panic signal, but it suggests some participants were buying downside protection into the print rather than piling into calls. The contrast with mid-July, when the PCR was consistently above 0.55, is worth noting: overall options sentiment has shifted more bullish over the past month, and the recent uptick looks more like pre-earnings hedging than a structural shift.
The Street is broadly constructive but selective. Citigroup holds a Buy with a $35 target, trimmed slightly on July 24. B of A Securities reinstated at Buy with a $30 target in early July. Wells Fargo and Piper Sandler maintain Overweight ratings. JPMorgan and Morgan Stanley sit neutral-to-equal-weight with targets in the $38-$42 range that now look stale relative to the current $27 price — suggesting those figures have not been updated since May. The mean price target across coverage is $30.40, a 12% premium to Tuesday's $27.12 close. Bulls point to Figma's collaborative design leadership, AI-native product expansion, and a seat-plus-consumption revenue model with room to scale. Bears worry about subscription renewal risk as competition from Adobe and others intensifies, and flag that Figma's growth narrative rests heavily on a single workflow category.
The insider picture adds texture. The CFO sold nearly $9.6 million worth of shares on July 29, and the CTO liquidated roughly $6.6 million the same day. The Chief Accounting Officer sold twice in the past week. Aggregate net insider selling over the past 90 days totals approximately $38.7 million. These look like systematic post-IPO distributions rather than bearish conviction trades — the founder Dylan Field has also trimmed his position modestly — but the volume of selling is notable for a stock that only recently came public, and it sets a ceiling on any read that insiders are leaning bullish on near-term price action. Meanwhile, FMR and T. Rowe Price both added significant positions in recent quarters, providing institutional ballast against the insider supply.
Among close peers, ZETA gained 7.5% on the day and 10.8% on the week — closely mirroring FIG's move — while NOW rose a more modest 3.5% and 6.8% respectively, and ADBE added 2.4% on the day. FIG outpaced the software cohort by a wide margin, which reinforces that the bulk of this week's move was FIG-specific rather than a sector-wide tailwind.
What to watch now is whether the bears who remain — still 14.7% of the float — use the post-earnings bounce to add again, or whether continued coverage compresses short interest further and removes an overhang that has defined FIG's trading since its IPO.
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