WEBTOON Entertainment (NASDAQ:WBTN) Stock Crosses Above 50 Day Moving Average – Here’s Why

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $10.04 and traded as high as $10.25. WEBTOON Entertainment shares last traded at $10.08, with a volume of 567,145 shares traded.

Analyst Ratings Changes

Several equities research analysts have weighed in on WBTN shares. Evercore reissued an “outperform” rating and set a $12.00 price target on shares of WEBTOON Entertainment in a research report on Tuesday, August 11th. Wall Street Zen raised shares of WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a report on Monday, August 31st. Weiss Ratings restated a “sell (d-)” rating on shares of WEBTOON Entertainment in a research report on Thursday, October 15th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.88.

WEBTOON Entertainment Trading Up 0.5%

The business’s 50 day moving average price is $10.04 and its two-hundred day moving average price is $10.61. The stock has a market cap of $1.37 billion, a P/E ratio of -3.88 and a beta of 2.65.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Monday, November 9th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. WEBTOON Entertainment had a negative net margin of 25.18% and a positive return on equity of 1.71%. The company had revenue of $362.77 million during the quarter, compared to the consensus estimate of $373.75 million. As a group, analysts expect that WEBTOON Entertainment Inc. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On WEBTOON Entertainment

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in WEBTOON Entertainment during the second quarter valued at approximately $21,629,000. Bank of New York Mellon Corp purchased a new stake in WEBTOON Entertainment during the second quarter valued at $543,000. The Manufacturers Life Insurance Company bought a new position in shares of WEBTOON Entertainment during the 1st quarter valued at approximately $145,000. PCM Encore LLC bought a new stake in WEBTOON Entertainment in the second quarter worth about $543,000. Finally, Ieq Capital LLC purchased a new stake in shares of WEBTOON Entertainment during the second quarter valued at $149,000.

WEBTOON Entertainment Company Profile

WEBTOON Entertainment operates a digital storytelling platform where readers can access comics, webtoons and related content on mobile devices and the web. Its services connect readers with independent creators and professional publishers, and include platforms such as WEBTOON and Wattpad. The company’s business includes paid content and advertising, as well as developing and licensing story properties for adaptations across formats such as television, film and games. Its entertainment properties have been adapted and distributed through its studios and industry partners.