Funko (FNKO-4.9%) fell to its lowest level since March earlier in the session as investors continue to pare back after a monster run to over $27 a share in late May.
During the recent earnings call (transcript), Funko pointed to a "tremendously successful" launch earlier this week of its first digital pop NFT collections, with the Teenage Mutant Ninja Turtles. The first drop of 20K standard packs and 10K premium packs was said to have sold out in less than 15 minutes, with more than 45K fans in the queue when the drop went live.
For investors looking at buying the dip, value is back in play with Funko trading with a EV/EBITDA mark close to a one-year low.