For a while, things weren’t looking good for memorabilia kingpins Funko (NASDAQ:FNKO). When your primary stock in trade is deformed figurines, you’re kind of subject to issues of disposable income, and fluctuations therein. However, Funko was up just over 8% in Friday afternoon’s trading thanks largely to some new investment coming in.
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Funko got a healthy new boost of investment from Working Capital Partners, who upgraded its holdings in the company by 1.33 million shares of its stock. Working Capital was already the second largest holder of Funko shares, and now, its holdings stand at 6.05 million shares total. This comes despite word that the CEO was departing Funko. Funko also took advantage of the Barbenheimer phenomenon to bring out a new two-pack of Ken and Barbie figures. The duo will be on rollerblades in the Real World, reports note, and the pack will be available for $29.90.
However, the new figures will have quite a bit of competition out there, mainly in the form of a slew of other Funko figurines already available for sale. A recent report from Entertainment Weekly detailed the scads of Funko figures that are “quietly on sale at Amazon (NASDAQ:AMZN) for under $10 right now.” This includes figures from a range of media properties, ranging from “The Batman”’s Oswald Cobblepot to “The Book of Boba Fett”’s Boba Fett. Better yet for collectors, the quietly on-sale figures are in many cases Chase models, which means they’re somewhat rarer and different from the main series. With high-end rare figures out there for cheap, it’s easy to wonder how well Ken and Barbie will fare.
Analysts, meanwhile, are taking a wait-and-see stance on Funko stock. It’s currently rated a Hold by consensus, as expressed by one Buy, one Sell, and three Hold ratings. Further, with an average price target of $8.20, Funko stock offers investors a 37.58% upside potential.
