WEBTOON Entertainment (NASDAQ:WBTN) Reaches New 1-Year Low – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $10.05 and last traded at $10.22, with a volume of 89018 shares changing hands. The stock had previously closed at $11.07.

Analysts Set New Price Targets

WBTN has been the topic of several analyst reports. The Goldman Sachs Group cut their price target on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Morgan Stanley dropped their target price on shares of WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Friday, August 16th. HSBC assumed coverage on shares of WEBTOON Entertainment in a research note on Wednesday, September 4th. They issued a “buy” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of WEBTOON Entertainment in a research note on Monday, July 22nd. They issued a “neutral” rating and a $23.00 target price on the stock. Finally, Evercore ISI dropped their target price on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Stock Performance

The firm’s 50 day moving average is $11.14.

Insider Activity

In other WEBTOON Entertainment news, insider Junkoo Kim acquired 18,935 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were purchased at an average cost of $12.74 per share, for a total transaction of $241,231.90. Following the completion of the purchase, the insider now owns 924,005 shares in the company, valued at approximately $11,771,823.70. This trade represents a 2.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Namsun Kim acquired 7,195 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $13.90 per share, for a total transaction of $100,010.50. Following the completion of the purchase, the director now owns 7,195 shares of the company’s stock, valued at approximately $100,010.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On WEBTOON Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in WEBTOON Entertainment during the third quarter valued at approximately $45,000. Sandia Investment Management LP purchased a new stake in WEBTOON Entertainment during the second quarter valued at approximately $114,000. MetLife Investment Management LLC purchased a new stake in WEBTOON Entertainment during the third quarter valued at approximately $107,000. WINTON GROUP Ltd purchased a new stake in WEBTOON Entertainment during the second quarter valued at approximately $413,000. Finally, Verition Fund Management LLC purchased a new stake in WEBTOON Entertainment during the third quarter valued at approximately $261,000.

About WEBTOON Entertainment

WEBTOON Entertainment Inc operates a storytelling platform worldwide. The company’s platform allows a community of creators and users to discover, create, and share new content. Its platform offers stories primarily in two ways, including web-comics, a graphical comic-like medium; and web-novels, which are text-based stories.