Funko Inc. (FNKO) shares gained 5.67% in after-hours on Friday, August 27, 2021, and closed the weekly trading at $20.14. However, in the regular trading session on Friday, FNKO’s stock lost 3.30%. FNKO shares have risen 226.37% over the last 12 months, and they have moved up 5.30% in the past week. Over the past three months, the stock has lost 27.39%, while over the past six months, it has declined 37.22%.
Let’s see what’s going on with the company?
FNKO new collection for the holiday season
On August 26, 2021, Funko Inc (FNKO) announced its expansion into the seasonal aisle with new additions to its already extensive holiday collection. Available this holiday season, Funko will release Pop!-inspired Hallmark ornaments and wrapping paper that will be available exclusively at Walmart this holiday season.
FNKO leadership overhaul
On August 05, 2021, Funko Inc (FNKO) announced its executive leadership transition plan, designed to maintain Funko’s signature creative leadership, while positioning the company to deliver long-term growth and shareholder value.
Andrew Perlmutter, the President, is expected to be appointed Chief Executive Officer and Brian Mariotti, the FNKO CEO, is expected to transition to the newly created role of Chief Creative Officer and continue to serve as a member of the Board of Directors. The leadership changes are expected to be effective January 3, 2022, and will enable a phased transition period that allows both leaders to uniquely contribute to the next phase of FNKO’s growth.
FNKO recent financial results announcement
On August 05, 2021, Funko, Inc (FNKO) reported its consolidated financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- FNKO reported net sales of $236.1 million in the second quarter of 2021 compared to $98.1 million in the second quarter of 2020.
- The gross margin was 39% in Q2 2021 compared to 37% in the second quarter of 2020.
- SG&A expenses were $54.9 million in Q2 2021 compared to$39.1 million in the second quarter of 2020.
- The company’s net income was $20.9 million in Q2 2021 compared to a net loss of $15.0 million in Q2 2020.
FY 2021 financial outlook
For FY 21, the company is expecting
- Net sales of $900 million to $930 million;
- Adjusted Net Income2 of $57.4 million to $64.2 million, based on a blended tax rate of 25%; and
- Adjusted Earnings per Diluted Share of $1.06 to $1.19
Conclusion
Well, as of this writing, there is no reason behind its turnaround on Friday and we are unable to predict how it will commence the new trading week on Monday.
