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Why Figma Stock Jumped 11.9% Today

TheMotleyFool

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Shares of Figma (NYSE: FIG) surged 11.9% as of 1:20 p.m. ET on Monday. There's no splashy headline to explain the move. Instead, the recovery from all-time lows smells like a short squeeze.

Image source: Getty Images.

Heading into today, 42.4% of Figma's float was sold short. That's an enormous bet against the stock, among the most heavily shorted stocks in the technology sector. Figma's stock reached an all-time low of $16.60 per share on June 25 and has been recovering ever since. It looks like many bears rushed to cover their short-selling bets when Figma's stock held on to its recent gains.

Source Fool.com

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