What Happened?
Shares of pop culture collectibles manufacturer Funko (NASDAQ:FNKO)
jumped 4.9% in the afternoon session after Seaport Research initiated coverage of Funko with a Buy rating and an $8 price target.
According to Tipranks, Seaport Global started coverage on August 24, 2026, at Buy with an $8 target. The firm highlighted rapid growth in the broader collector market and said favorable conditions should keep supporting Funko as it expands the global reach of Pop! collectibles across themes, markets, and geographies.
The shares closed the day at $6.88, up 5.8% from the previous close.
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What Is The Market Telling Us
Funko’s shares are extremely volatile and have had 46 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 17 days ago when the stock gained 8.8% on the news that a sharp profitability turnaround and a much higher full-year adjusted EBITDA outlook. Funko swung to adjusted EPS of $0.26 from a year-ago loss—versus Street expectations for another loss—and raised full-year adjusted EBITDA guidance to $100–$110 million from $70–$80 million. Revenue grew 7.4% to $207.7 million, with Core Collectibles up about 9%; the bigger story was margin repair, as operating margin reached 10.7% versus negative 18% a year earlier and gross margin hit record levels.
Management credited better product mix, SG&A discipline, and Loungefly SKU rationalization, alongside a sizable tariff-related benefit recognized in the quarter—so part of the EBITDA surge is non-recurring, and the company was explicit that the raised $100–$110 million EBITDA guide includes that roughly $25 million item. Even after stripping some of that noise, the midpoint still sits well above prior Street EBITDA assumptions near the high-$70 millions. Toy/collectibles analysts have been waiting for proof Funko can grow the core while fixing margins and cutting debt; a return to profit plus a formal EBITDA raise is what converts that skepticism into estimate revisions.
Funko is up 105% since the beginning of the year, and at $6.88 per share, it has set a new 52-week high. Despite the year-to-date gain, investors who bought $1,000 worth of Funko’s shares 5 years ago would now be looking at only $356.96.
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