WEBTOON Entertainment (NASDAQ:WBTN) Price Target Cut to $10.50 by Analysts at Morgan Stanley

WEBTOON Entertainment (NASDAQ:WBTN) had its price target lowered by equities research analysts at Morgan Stanley from $13.00 to $10.50 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 22.56% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group reduced their price objective on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.75.

WEBTOON Entertainment Price Performance

Shares of NASDAQ WBTN traded up $0.19 during trading hours on Thursday, reaching $8.57. The stock had a trading volume of 78,221 shares, compared to its average volume of 436,535. WEBTOON Entertainment has a twelve month low of $6.75 and a twelve month high of $25.66. The company has a market cap of $1.10 billion and a price-to-earnings ratio of 18.62. The business’s fifty day moving average is $8.93 and its two-hundred day moving average is $11.10.

WEBTOON Entertainment (NASDAQ:WBTN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) earnings per share 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 the consensus estimate of $351.00 million. Sell-side analysts forecast that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Insider Activity at WEBTOON Entertainment

In other WEBTOON Entertainment news, insider Junkoo Kim purchased 11,372 shares of the stock in a transaction on Wednesday, March 19th. The stock was bought at an average cost of $8.73 per share, for a total transaction of $99,277.56. Following the completion of the acquisition, the insider now directly owns 498,812 shares of the company’s stock, valued at $4,354,628.76. The trade was a 2.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On WEBTOON Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in WEBTOON Entertainment during the third quarter valued at approximately $45,000. Deutsche Bank AG acquired a new stake in shares of WEBTOON Entertainment in the 4th quarter valued at approximately $54,000. New York State Common Retirement Fund acquired a new position in WEBTOON Entertainment during the fourth quarter worth $60,000. JPMorgan Chase & Co. bought a new stake in WEBTOON Entertainment during the third quarter worth $75,000. Finally, Wells Fargo & Company MN increased its stake in shares of WEBTOON Entertainment by 37.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock worth $111,000 after purchasing an additional 2,240 shares during the last quarter.

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.