WEBTOON Entertainment (NASDAQ:WBTN) Posts Earnings Results, Meets Expectations

WEBTOON Entertainment (NASDAQ:WBTN) posted its quarterly earnings data on Wednesday. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04, FiscalAI reports. WEBTOON Entertainment had a negative return on equity of 0.13% and a negative net margin of 7.24%.The company had revenue of $378.04 million during the quarter, compared to analyst estimates of $385.21 million.

WEBTOON Entertainment Trading Up 2.1%

Shares of WBTN stock traded up $0.34 during mid-day trading on Wednesday, reaching $16.82. The stock had a trading volume of 1,383,837 shares, compared to its average volume of 520,506. The stock’s 50-day moving average price is $17.68 and its two-hundred day moving average price is $12.78. The firm has a market capitalization of $2.20 billion, a PE ratio of -21.84 and a beta of 1.74. WEBTOON Entertainment has a 52-week low of $6.75 and a 52-week high of $22.47.

Institutional Trading of WEBTOON Entertainment

Several large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of WEBTOON Entertainment by 8.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,816 shares of the company’s stock worth $89,000 after acquiring an additional 774 shares during the period. Invesco Ltd. bought a new stake in shares of WEBTOON Entertainment during the first quarter valued at approximately $123,000. Dynamic Technology Lab Private Ltd purchased a new stake in WEBTOON Entertainment in the first quarter worth $129,000. Marshall Wace LLP bought a new position in WEBTOON Entertainment in the second quarter worth $206,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in WEBTOON Entertainment in the first quarter worth $228,000.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WBTN. JPMorgan Chase & Co. boosted their price objective on WEBTOON Entertainment from $14.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, September 16th. Morgan Stanley lifted their target price on shares of WEBTOON Entertainment from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of WEBTOON Entertainment in a report on Wednesday, October 8th. Evercore ISI raised their price objective on shares of WEBTOON Entertainment from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen upgraded shares of WEBTOON Entertainment from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.83.

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.