Funko (NASDAQ:FNKO) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Posted by Martin Roberts on Aug 5th, 2022

Funko (NASDAQ:FNKO – Get Rating) posted its earnings results on Thursday. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04, Briefing.com reports. The business had revenue of $315.72 million for the quarter, compared to analyst estimates of $292.63 million. Funko had a net margin of 4.12% and a return on equity of 18.40%. The business’s quarterly revenue was up 33.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. Funko updated its FY 2022 guidance to $1.88-$1.99 EPS and its FY22 guidance to $1.88-1.99 EPS.

Funko Stock Down 18.3 %

FNKO stock traded down $4.89 during trading on Friday, reaching $21.81. The stock had a trading volume of 3,771,858 shares, compared to its average volume of 660,999. Funko has a 1-year low of $15.28 and a 1-year high of $27.79. The company has a current ratio of 1.69, a quick ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.09 billion, a P/E ratio of 19.30, a PEG ratio of 0.77 and a beta of 1.91. The firm has a fifty day moving average price of $23.06 and a 200 day moving average price of $19.53.

Insiders Place Their Bets

In other news, CEO Andrew Mark Perlmutter sold 41,733 shares of the business’s stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $23.76, for a total value of $991,576.08. Following the completion of the sale, the chief executive officer now owns 94,061 shares of the company’s stock, valued at approximately $2,234,889.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Tracy D. Daw sold 7,893 shares of the business’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $22.64, for a total value of $178,697.52. Following the completion of the sale, the insider now owns 5,326 shares of the company’s stock, valued at approximately $120,580.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Mark Perlmutter sold 41,733 shares of the business’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $23.76, for a total transaction of $991,576.08. Following the completion of the sale, the chief executive officer now directly owns 94,061 shares of the company’s stock, valued at approximately $2,234,889.36. The disclosure for this sale can be found here. Insiders have sold 55,148 shares of company stock worth $1,288,842 in the last quarter. 12.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Funko

A number of institutional investors have recently modified their holdings of FNKO. Dimensional Fund Advisors LP grew its position in shares of Funko by 47.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 658,720 shares of the company’s stock valued at $11,363,000 after buying an additional 212,113 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Funko by 18.0% during the 1st quarter. Bank of New York Mellon Corp now owns 1,050,149 shares of the company’s stock valued at $18,115,000 after buying an additional 160,283 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Funko during the 1st quarter valued at about $2,427,000. Invesco Ltd. grew its position in shares of Funko by 257.8% during the 1st quarter. Invesco Ltd. now owns 171,839 shares of the company’s stock valued at $2,965,000 after buying an additional 123,818 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Funko by 456.1% during the 1st quarter. JPMorgan Chase & Co. now owns 57,662 shares of the company’s stock valued at $995,000 after buying an additional 47,293 shares during the last quarter. Institutional investors own 66.08% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on FNKO. JPMorgan Chase & Co. upgraded shares of Funko from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $25.00 to $28.00 in a report on Thursday, June 23rd. DA Davidson cut their price objective on shares of Funko from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday.

Funko Company Profile

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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 vinyl, blind-packed miniature, and action figures; fashion accessories, including bags, backpacks, and wallets; apparel, such as t-shirts and hats; board games, plush products, and accessories, such as keychains, pens, and pins; homewares, comprising drinkware, and other home accessories, non-fungible tokens, and others.