How they are made 

Lenticular (or Stereo) printing is a technology in which lenticular lenses (a technology that is also used for 3D displays) are used to produce printed images with an illusion of depth, or the ability to change or move as the image is viewed from different angles.

The lenticular printing is based on the printing of stripes with different image information at the lens surface. By a change of the incidence of light the corresponding visible area changes.
With vertically deposed lenses the right eye sees a different image than the left and the result is a 3D effect. With horizontally aligned lenses the same effect causes the visibility of different pictures by moving the badge or changing the viewing position. This creates motion and flip effects. So depending on the light and movement of the badge the picture is changing.