Software company Figma (FIG -4.05%), which specializes in design tools for websites, apps, and a growing number of other things, went public on July 31 with a bang. The stock rocketed from its IPO price of $33 per share to as high as $124 per share on its first trading day, an incredible surge.

The stock has taken a beating since then as investor enthusiasm cooled off a bit. Within days, Figma stock fell sharply from those initial highs. The company reported its second-quarter results on Sept. 3, which sent the stock down further the following day. Shares of Figma now hover around $52 per share, still a…