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

Funko, Inc. (NASDAQ:FNKO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $13.73, but opened at $13.32. Funko shares last traded at $13.80, with a volume of 39,998 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FNKO shares. DA Davidson reissued a “buy” rating and set a $16.00 price target on shares of Funko in a research note on Thursday, January 2nd. Stifel Nicolaus boosted their price objective on shares of Funko from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Friday, January 3rd.

Funko Stock Up 1.1 %

The company has a quick ratio of 0.64, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $12.63 and its two-hundred day moving average is $11.40.

Funko (NASDAQ:FNKO) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.06. The company had revenue of $292.77 million for the quarter, compared to analyst estimates of $289.47 million. Funko had a negative net margin of 2.29% and a negative return on equity of 3.44%. During the same period last year, the company posted $0.05 earnings per share. Analysts predict that Funko, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Activity at Funko

In related news, insider Tracy D. Daw sold 14,650 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $12.55, for a total value of $183,857.50. Following the completion of the transaction, the insider now directly owns 6,362 shares of the company’s stock, valued at $79,843.10. This trade represents a 69.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew David Oddie sold 27,712 shares of Funko stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $13.67, for a total transaction of $378,823.04. Following the completion of the sale, the insider now owns 20,186 shares of the company’s stock, valued at $275,942.62. This trade represents a 57.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 139,720 shares of company stock valued at $1,576,493 over the last quarter. 4.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Funko

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Funko by 5,486.5% in the third quarter. JPMorgan Chase & Co. now owns 829,200 shares of the company’s stock worth $10,133,000 after acquiring an additional 814,357 shares during the period. Geode Capital Management LLC grew its stake in Funko by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 807,760 shares of the company’s stock valued at $9,873,000 after acquiring an additional 13,002 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Funko during the 2nd quarter worth about $1,138,000. Jane Street Group LLC increased its position in shares of Funko by 50.0% during the third quarter. Jane Street Group LLC now owns 97,857 shares of the company’s stock worth $1,196,000 after purchasing an additional 32,598 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Funko in the third quarter worth about $860,000. 99.15% of the stock is owned by institutional investors and hedge funds.

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.