Funko (NASDAQ:FNKO) Shares Gap Down – Here’s What Happened

Funko, Inc. (NASDAQ:FNKO) gapped down before the market opened on Friday . The stock had previously closed at $12.22, but opened at $11.25. Funko shares last traded at $10.66, with a volume of 160,116 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FNKO. B. Riley lifted their price target on shares of Funko from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Stifel Nicolaus raised their price objective on shares of Funko from $9.00 to $10.50 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, DA Davidson boosted their target price on shares of Funko from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday.

Funko Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The business has a 50-day moving average of $11.59 and a 200 day moving average of $9.86. The firm has a market capitalization of $597.66 million, a PE ratio of -12.95 and a beta of 1.21.

Funko (NASDAQ:FNKO) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.25. Funko had a negative net margin of 4.06% and a negative return on equity of 4.69%. The company had revenue of $247.70 million for the quarter, compared to analyst estimates of $231.04 million. During the same period last year, the firm earned ($0.53) earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. As a group, research analysts anticipate that Funko, Inc. will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling at Funko

In other news, insider Andrew David Oddie sold 10,800 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $12.03, for a total value of $129,924.00. Following the completion of the transaction, the insider now directly owns 40,372 shares of the company’s stock, valued at $485,675.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Michael C. Lunsford sold 5,900 shares of Funko stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $9.55, for a total transaction of $56,345.00. Following the sale, the director now directly owns 98,974 shares in the company, valued at $945,201.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew David Oddie sold 10,800 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $12.03, for a total transaction of $129,924.00. Following the transaction, the insider now owns 40,372 shares of the company’s stock, valued at approximately $485,675.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,805 shares of company stock worth $415,169. Insiders own 4.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. purchased a new stake in shares of Funko during the 2nd quarter worth approximately $6,996,000. Marshall Wace LLP raised its stake in shares of Funko by 160.1% in the second quarter. Marshall Wace LLP now owns 1,062,968 shares of the company’s stock valued at $10,375,000 after buying an additional 654,359 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Funko by 21.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,546,036 shares of the company’s stock valued at $34,609,000 after buying an additional 619,114 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Funko during the 2nd quarter worth $1,138,000. Finally, American Century Companies Inc. increased its holdings in Funko by 81.1% in the 2nd quarter. American Century Companies Inc. now owns 250,121 shares of the company’s stock worth $2,441,000 after acquiring an additional 112,007 shares during the last quarter. 99.15% of the stock is currently owned by hedge funds and other institutional investors.

About Funko

Funko, Inc, a pop culture consumer products company, designs, sources, and distributes licensed pop culture products in the United States, Europe, and internationally. The company provides media and entertainment content, including movies, television (TV) shows, video games, music, and sports; figures, handbags, backpacks, wallets, apparel, accessories, plush products, homewares, and digital non-fungible tokens; and art prints and vinyl records, posters, soundtracks, toys, books, games, and other collectibles.