WEBTOON Entertainment (NASDAQ:WBTN) Trading Down 5.4% on Disappointing Earnings

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price fell 5.4% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $9.00 and last traded at $9.49. 182,180 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 270,780 shares. The stock had previously closed at $10.03.

The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The firm had revenue of $352.85 million for the quarter, compared to analysts’ expectations of $351.00 million.

Wall Street Analysts Forecast Growth

WBTN has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on shares of WEBTOON Entertainment from $17.50 to $16.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. The Goldman Sachs Group cut their price objective on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. 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, WEBTOON Entertainment has an average rating of “Moderate Buy” and an average target price of $21.67.

Institutional Trading of WEBTOON Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in WEBTOON Entertainment by 30.9% during the fourth quarter. FMR LLC now owns 8,034,524 shares of the company’s stock worth $109,109,000 after purchasing an additional 1,897,659 shares during the last quarter. Norges Bank acquired a new stake in shares of WEBTOON Entertainment in the fourth quarter valued at $11,862,000. Barclays PLC raised its holdings in WEBTOON Entertainment by 1,404.1% in the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock valued at $5,990,000 after acquiring an additional 488,779 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of WEBTOON Entertainment by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 414,886 shares of the company’s stock worth $5,635,000 after purchasing an additional 2,755 shares in the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in shares of WEBTOON Entertainment during the 4th quarter worth about $5,033,000.

WEBTOON Entertainment Trading Down 5.4 %

The firm’s 50-day moving average price is $12.53 and its two-hundred day moving average price is $12.07.

WEBTOON Entertainment Company Profile

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.