• 6
  • 2
  • 1

Cathie Wood's Swoops In On Figma's 20% Plunge, Ark Invest Scoops Up Shares Worth $5.9 Million

Benzinga09-05

Ark Invest, led by Cathie Wood, made significant trades on Thursday, notably purchasing shares of Figma Inc. This move comes as Figma’s stock experienced a sharp decline due to disappointing earnings results.

The Figma Trade

Ark Invest acquired 108,238 shares of Figma Inc. through its ARK Next Generation Internet ETF (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.

Other Key Trades:

  • Roku Inc. (ROKU): Sold 26,465 shares from the ARKK ETF.

  • Intellia Therapeutics Inc. (NTLA): Purchased 131,700 shares for the ARKK ETF.

  • Genius Sports Ltd (GENI): Sold 428,277 shares from the ARKW ETF.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment2

 
 
 
 

Most Discussed

 
 
 
 
 

7x24