Bank of America Corp DE Sells 302,454 Shares of Funko, Inc. $FNKO

Key Points

• Bank of America cut its Funko stake by 88.8% in the first quarter, selling 302,454 shares and retaining 38,135 shares worth approximately $120,000. Institutional investors collectively own 99.15% of FNKO.
• Analyst sentiment is mixed, with Funko receiving an average “Hold” rating and a consensus price target of $7.08. Price targets range from $6.75 to $8.00.
• Funko reported quarterly revenue of $207.72 million and earnings of $0.26 per share, exceeding analyst expectations. However, company insiders sold 228,662 shares worth roughly $1.36 million over the past 90 days.

Bank of America Corp DE lessened its holdings in Funko, Inc. (NASDAQ:FNKO - Free Report) by 88.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,135 shares of the company's stock after selling 302,454 shares during the quarter. Bank of America Corp DE owned 0.07% of Funko worth $120,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FNKO. Boothbay Fund Management LLC acquired a new position in shares of Funko in the 4th quarter worth approximately $63,000. Engineers Gate Manager LP bought a new position in shares of Funko in the fourth quarter worth about $82,000. Brown Brothers Harriman & Co. acquired a new position in shares of Funko during the third quarter worth approximately $86,000. Odyssean LLC acquired a new position in shares of Funko during the fourth quarter worth approximately $98,000. Finally, Jain Global LLC bought a new stake in shares of Funko during the fourth quarter valued at approximately $123,000. Institutional investors own 99.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FNKO shares. Weiss Ratings restated a "sell (d-)" rating on shares of Funko in a research report on Friday, July 17th. DA Davidson raised their price target on Funko from $7.00 to $8.00 and gave the company a "buy" rating in a report on Friday, August 7th. Seaport Research Partners assumed coverage on Funko in a report on Monday, August 24th. They set a "buy" rating and a $8.00 price objective for the company. The Goldman Sachs Group restated a "neutral" rating and set a $6.75 target price on shares of Funko in a research report on Monday, August 10th. Finally, Zacks Research upgraded shares of Funko to a "hold" rating in a research report on Wednesday, August 26th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.08.

Insider Activity

In other news, CFO Pendeven Le sold 35,907 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $6.51, for a total value of $233,754.57. Following the completion of the sale, the chief financial officer owned 35,907 shares of the company's stock, valued at approximately $233,754.57. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Josh Simon sold 181,893 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $5.79, for a total value of $1,053,160.47. Following the completion of the sale, the chief executive officer owned 151,440 shares of the company's stock, valued at approximately $876,837.60. This trade represents a 54.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 228,662 shares of company stock valued at $1,363,086 over the last ninety days. 3.88% of the stock is currently owned by company insiders.

Funko Price Performance

Shares of Funko stock opened at $5.47 on Monday. The company has a market capitalization of $305.94 million, a P/E ratio of -136.72 and a beta of 0.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 0.79. The business has a 50-day moving average of $5.93 and a two-hundred day moving average of $5.08. Funko, Inc. has a 1 year low of $2.72 and a 1 year high of $7.35.

Funko (NASDAQ:FNKO - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.47. Funko had a positive return on equity of 2.61% and a negative net margin of 0.21%.The company had revenue of $207.72 million during the quarter, compared to analysts' expectations of $200.96 million. As a group, equities analysts predict that Funko, Inc. will post 0.34 EPS for the current year.

About Funko

Funko, Inc is a pop culture consumer products company best known for its stylized vinyl figures, apparel, accessories and other licensed collectible goods. The company's signature product line, Funko Pop!, features bobblehead-style figurines that showcase characters from a wide array of entertainment franchises, including film, television, gaming, sports and music. In addition to vinyl figurines, Funko's portfolio encompasses plush toys, action figures, stationery, home goods and novelty items, all leveraging licensing agreements with major global brands.

Founded in 1998 by Mike Becker in Washington state, Funko initially focused on creating nostalgic bobbleheads before expanding its product offerings under current leadership.

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