The Fall and Rise and Fall of Funko Stock
It's been a volatile first two months of trading for Funko (NASDAQ: FNKO), the company behind the Pop! line of vinyl big-headed collectible dolls based on licensed characters. The latest turn for the purveyor of pop culture came Tuesday morning, when BMO Capital downgraded the stock on concerns of problematic trends during the telltale holiday shopping season.
Funko investors have been on a wild ride since the stock went public at $12 in early November, below its initial pricing range of $14 to $16. Investors weren't buying into the maker of trendy figures. Funko stock opened at $8, closing at $7.07 on its first day of trading. The shares would go on to bottom out at $7 the next day before turning higher. Analysts initiating coverage of the stock with bullish ratings a few weeks later helped justify the bounce, and Funko's first financial report as a public company earlier this month was initially well received. However, the stock was already drifting lower -- declining in nine of the past 10 trading days -- before Tuesday morning's downgrade. Funko closed at $7.14 on Monday, a cruel roundtrip to essentially where it was after its first day of trading.
Image source: Funko.
Source: Fool.com
