Figma Stock Sells Off As Analyst Slashes Price Target In Half

Benzinga_recent_news02-04 03:05

Figma Inc (NYSE:FIG) shares are plunging on Tuesday after Piper Sandler lowered its price target on the stock. Here’s what you should know. Piper Sandler analyst Hannah Rudoff maintained an Overweight...

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Figma is due to report its fourth-quarter results on Feb. 18. \nFigma’s stock is currently trading 32.7% below its 20-day simple moving average (SMA) and 51.8% below its 100-day SMA, indicating a bearish trend. Over the past 12 months, shares have decreased by 2.52%, and they are currently positioned closer to their 52-week lows than highs.\nThe RSI is at 24.11, which is considered oversold, suggesting potential for a rebound if buying interest returns. Meanwhile, MACD is below its signal line, indicating bearish pressure on the stock.\nThe combination of oversold RSI and bearish MACD suggests mixed momentum, indicating that while the stock is oversold, the overall trend remains negative.\nSimilarly to Piper Sandler, Morgan Stanley maintained an Equal-Weight rating on Jan. 15 but lowered the target to $48 from $65.\nMeanwhile, Stifel initiated coverage on Figma on Jan. 8, assigning a Hold rating with a $40 target price. On the same day, Wells Fargo upgraded Figma to Overweight from Equal-Weight and set a target of $52. Earlier in the month, RBC Capital maintained a Sector Perform rating with a lower target of $38, down from $65.\nFIG Price Action: Figma shares were down 12.17% at $21.08 at the time of publication on Tuesday. 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