JPMorgan Chase & Co. Cuts WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $9.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective trimmed by JPMorgan Chase & Co. from $10.00 to $9.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group lowered their price objective on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley dropped their price objective on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.17.

WEBTOON Entertainment Price Performance

WBTN stock opened at $7.54 on Tuesday. The firm has a market cap of $971.63 million and a price-to-earnings ratio of 16.39. WEBTOON Entertainment has a 1-year low of $6.75 and a 1-year high of $25.66. The firm has a fifty day moving average price of $9.31 and a two-hundred day moving average price of $11.19.

WEBTOON Entertainment (NASDAQ:WBTN) last released 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 company had revenue of $352.85 million for the quarter, compared to analysts’ expectations of $351.00 million. As a group, analysts expect that WEBTOON Entertainment will post -0.26 EPS for the current fiscal year.

Insider Buying and Selling at WEBTOON Entertainment

In other WEBTOON Entertainment news, insider Junkoo Kim acquired 11,372 shares of WEBTOON Entertainment stock in a transaction dated Wednesday, March 19th. The stock was bought at an average price of $8.73 per share, for a total transaction of $99,277.56. Following the transaction, the insider now owns 498,812 shares in the company, valued at approximately $4,354,628.76. This trade represents a 2.33 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Trading of WEBTOON Entertainment

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

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.