On July 31, shares of internet design company Figma (FIG -1.24%) began trading at $85 and finished their first day at over $115. The following day, Figma stock closed at $122 per share, but it's been all downhill since then. Whereas the S&P 500 is enjoying an unusually strong month with a 3.6% gain as of Sept. 22, Figma stock has plunged another 16.4%. Two reasons Figma stock is downThis isn't one of my two reasons, but it's worth mentioning that Figma had its initial public offering (IPO) only weeks ago. Regardless of whether an IPO stock is high quality or low quality, volatility is common in these early months.