Funko, Inc.'s (NASDAQ:FNKO) Chief Legal Officer, Tracy D. Daw, has sold a total of 26,063 shares of the company's Class A common stock, according to a recent filing with the Securities and Exchange Commission. The sale, which took place on June 12, 2024, amounted to over $263,609, with the shares being sold at a weighted average price of $10.1143 each.
The transactions were executed in multiple parts, with prices ranging from $10.00 to $10.33 per share. This information comes from the footnotes provided in the SEC filing, which also state that the shares were sold pursuant to a pre-arranged 10b5-1 trading plan. Such plans allow company insiders to set up a predetermined schedule for selling stocks at a time when they are not in possession of material non-public information, to avoid accusations of insider trading.
Following the sale, Daw's remaining stake in the company consists of 36,362 shares of Class A common stock, not accounting for any potentially beneficially owned common units.
Investors and followers of Funko, Inc. can request detailed information about the exact number of shares sold at each price point within the reported range from the reporting person, as per the SEC filing.
Funko, Inc., headquartered in Everett, Washington, is known for its diverse array of pop culture consumer products, including the widely recognized Funko Pop! vinyl figurines. The company operates within the games, toys, and children's vehicles industry, excluding dolls and bicycles.
In other recent news, Funko reported robust Q1 net sales of $216 million and an adjusted EBITDA of $10 million, maintaining their 2024 financial outlook with expected net sales between $1.047 billion and $1.103 billion, and an adjusted EBITDA between $65 million and $85 million. Cynthia Williams has been appointed as the new CEO, with a focus on growth opportunities such as direct-to-consumer sales and international expansion. DA Davidson has increased the price target of Funko shares to $12.00, up from $10.50, following interaction with Williams. Analysts at B.Riley have also raised their price target for Funko shares to $13.00, up from the previous $12.00, expressing confidence in Williams' ability to drive sales growth and margin expansion for Funko in the coming years. The firm's projection for Funko's shares anticipates a potential rise above $20 by 2026. In addition, the announcement of the release date for Funko's new video game, Funko Fusion, slated for September 13, has contributed to DA Davidson's optimistic stance. These are some of the recent developments for Funko.
InvestingPro Insights
In the wake of the recent insider sale by Funko, Inc.'s (NASDAQ:FNKO) Chief Legal Officer, investors may be taking a closer look at the company's financial health and stock performance. According to the latest data from InvestingPro, Funko's market capitalization stands at $557.43 million, reflecting the size and market value of the company. However, the P/E ratio, both standard and adjusted for the last twelve months as of Q1 2024, remains in negative territory at -4.2 and -4.07 respectively, indicating that the company has reported a loss per share.
Despite the insider sale, InvestingPro Tips highlight that three analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future earnings potential. Additionally, the stock has experienced significant returns with an 8.95% increase over the last week, 21.91% over the last month, and a notable 69.39% over the last three months, which could be indicative of strong investor sentiment and market performance.
On the note of financial metrics, the company's revenue has seen a decline of 16.3% over the last twelve months as of Q1 2024. This is a figure that investors might weigh against the recent positive price movements. Moreover, the company's short-term obligations exceeding its liquid assets, as indicated by an InvestingPro Tip, could be a concern for the liquidity position and financial stability of Funko.
For investors seeking a deeper analysis of Funko, Inc., there are additional InvestingPro Tips available, which can be accessed with a subscription. By using the coupon code PRONEWS24, new subscribers can enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more InvestingPro Tips, investors can gain greater insights into factors such as shareholder yield and the potential for profitability in the current year.
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