WEBTOON Entertainment Inc. (NASDAQ:WBTN – Get Free Report) shares fell 4.6% during trading on Friday after Morgan Stanley lowered their price target on the stock from $23.00 to $17.00. Morgan Stanley currently has an equal weight rating on the stock. WEBTOON Entertainment traded as low as $11.75 and last traded at $11.80. 304,135 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 635,679 shares. The stock had previously closed at $12.37.
WBTN has been the subject of a number of other research reports. The Goldman Sachs Group decreased their price target on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a research note on Monday. JPMorgan Chase & Co. started coverage on shares of WEBTOON Entertainment in a report on Monday, July 22nd. They set a “neutral” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft lowered their target price on shares of WEBTOON Entertainment from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Monday. Finally, Evercore ISI cut their price target on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Monday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.00.
Insider Activity at WEBTOON Entertainment
In other news, insider Yongsoo Kim acquired 7,800 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $12.92 per share, for a total transaction of $100,776.00. Following the purchase, the insider now owns 110,910 shares in the company, valued at approximately $1,432,957.20. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.
Institutional Investors Weigh In On WEBTOON Entertainment
Large investors have recently made changes to their positions in the business. Sandia Investment Management LP bought a new position in WEBTOON Entertainment during the second quarter valued at about $114,000. WINTON GROUP Ltd purchased a new position in WEBTOON Entertainment in the second quarter valued at about $413,000. Squarepoint Ops LLC bought a new position in shares of WEBTOON Entertainment during the 2nd quarter valued at approximately $1,256,000. Marshall Wace LLP purchased a new stake in shares of WEBTOON Entertainment during the 2nd quarter worth approximately $1,516,000. Finally, Point72 DIFC Ltd bought a new stake in shares of WEBTOON Entertainment in the 2nd quarter worth approximately $1,541,000.
WEBTOON Entertainment Stock Down 1.6 %
WEBTOON Entertainment (NASDAQ:WBTN – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.92. The firm had revenue of $320.97 million for the quarter, compared to analysts’ expectations of $340.72 million. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) EPS. On average, sell-side analysts forecast that WEBTOON Entertainment Inc. will post -1.27 EPS for the current fiscal year.
WEBTOON Entertainment Company Profile
Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.