WEBTOON Entertainment (NASDAQ:WBTN) Shares Up 5.5% – Here’s Why

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price was up 5.5% during trading on Friday . The stock traded as high as $11.38 and last traded at $11.20. Approximately 148,985 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 547,469 shares. The stock had previously closed at $10.62.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group cut their target price on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. HSBC began coverage on shares of WEBTOON Entertainment in a research note on Wednesday, September 4th. They set a “buy” rating and a $23.00 price objective for the company. JPMorgan Chase & Co. started coverage on shares of WEBTOON Entertainment in a research note on Monday, July 22nd. They issued a “neutral” rating and a $23.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of WEBTOON Entertainment from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Evercore ISI lowered their price objective on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.17.

WEBTOON Entertainment Trading Up 6.2 %

The company has a 50 day moving average of $13.57.

WEBTOON Entertainment (NASDAQ:WBTN) last posted its earnings results on Thursday, August 8th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.92. The firm had revenue of $320.97 million during the quarter, compared to the consensus estimate of $340.72 million. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. As a group, equities analysts expect that WEBTOON Entertainment Inc. will post -1.3 EPS for the current fiscal year.

Insider Activity at WEBTOON Entertainment

In other WEBTOON Entertainment news, insider Yongsoo Kim purchased 7,800 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average cost of $12.92 per share, for a total transaction of $100,776.00. Following the completion of the transaction, the insider now owns 110,910 shares of the company’s stock, valued at approximately $1,432,957.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Yongsoo Kim acquired 7,800 shares of WEBTOON Entertainment stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average cost of $12.92 per share, for a total transaction of $100,776.00. Following the purchase, the insider now directly owns 110,910 shares of the company’s stock, valued at approximately $1,432,957.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Junkoo Kim bought 22,596 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average price of $11.88 per share, for a total transaction of $268,440.48. Following the completion of the transaction, the insider now directly owns 905,070 shares of the company’s stock, valued at $10,752,231.60. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 56,526 shares of company stock worth $710,459.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WBTN. Ghisallo Capital Management LLC purchased a new position in WEBTOON Entertainment during the second quarter valued at approximately $2,055,000. Point72 Asset Management L.P. bought a new position in WEBTOON Entertainment in the 2nd quarter worth $816,000. Millennium Management LLC purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth about $18,346,000. Squarepoint Ops LLC purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at approximately $1,256,000. Finally, Sandia Investment Management LP purchased a new position in WEBTOON Entertainment during the second quarter valued at $114,000.

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.