Funko, Inc. (NASDAQ:FNKO) Sees Significant Drop in Short Interest

Funko, Inc. (NASDAQ:FNKO) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 4,820,000 shares, a drop of 10.7% from the August 31st total of 5,400,000 shares. Based on an average daily trading volume, of 565,200 shares, the short-interest ratio is presently 8.5 days. Approximately 14.0% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. B. Riley raised their price objective on Funko from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Stifel Nicolaus upped their price target on shares of Funko from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Finally, DA Davidson restated a “buy” rating and set a $12.00 price objective on shares of Funko in a research note on Friday, August 9th.

Funko Stock Performance

Shares of FNKO stock opened at $12.22 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average price of $10.20 and a 200-day moving average price of $8.69. Funko has a 52 week low of $5.36 and a 52 week high of $12.31. The firm has a market capitalization of $654.98 million, a PE ratio of -4.87 and a beta of 1.18.

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

Insiders Place Their Bets

In other news, Director Michael C. Lunsford sold 5,900 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $9.55, for a total value of $56,345.00. Following the completion of the transaction, the director now owns 98,974 shares of the company’s stock, valued at approximately $945,201.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Michael C. Lunsford sold 5,900 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $9.55, for a total value of $56,345.00. Following the sale, the director now directly owns 98,974 shares of the company’s stock, valued at approximately $945,201.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Working Capital Advisors (Uk) sold 2,000,000 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $8.90, for a total transaction of $17,800,000.00. Following the completion of the transaction, the insider now owns 5,129,838 shares of the company’s stock, valued at $45,655,558.20. The disclosure for this sale can be found here. Insiders sold 2,028,444 shares of company stock worth $18,126,690 over the last three months. Company insiders own 4.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Working Capital Advisors UK Ltd. lifted its stake in shares of Funko by 4.6% in the 4th quarter. Working Capital Advisors UK Ltd. now owns 7,129,838 shares of the company’s stock worth $55,114,000 after purchasing an additional 310,639 shares during the period. Massachusetts Financial Services Co. MA raised its position in Funko by 21.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,546,036 shares of the company’s stock worth $34,609,000 after acquiring an additional 619,114 shares during the period. Marshall Wace LLP boosted its stake in shares of Funko by 160.1% during the 2nd quarter. Marshall Wace LLP now owns 1,062,968 shares of the company’s stock worth $10,375,000 after acquiring an additional 654,359 shares during the last quarter. Bayberry Capital Partners LP grew its position in shares of Funko by 48.1% during the 4th quarter. Bayberry Capital Partners LP now owns 948,000 shares of the company’s stock valued at $7,328,000 after acquiring an additional 308,000 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in Funko during the second quarter valued at $6,996,000. 99.15% of the stock is 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.