The Goldman Sachs Group Has Lowered Expectations for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its price target cut by equities researchers at The Goldman Sachs Group from $25.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 63.93% from the stock’s previous close.

A number of other research firms have also recently commented on WBTN. JPMorgan Chase & Co. reduced their price target on shares of WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Morgan Stanley dropped their price target on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, WEBTOON Entertainment has an average rating of “Moderate Buy” and a consensus target price of $17.33.

WEBTOON Entertainment Trading Up 1.9 %

Shares of WEBTOON Entertainment stock opened at $9.15 on Wednesday. The business has a 50-day moving average price of $12.40 and a two-hundred day moving average price of $12.03. WEBTOON Entertainment has a 1-year low of $8.97 and a 1-year high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its earnings results on Tuesday, February 25th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). The business had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. On average, sell-side analysts forecast that WEBTOON Entertainment will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. purchased a new position in WEBTOON Entertainment during the 3rd quarter valued at about $1,344,000. FMR LLC boosted its position in shares of WEBTOON Entertainment by 45.0% in the third quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after acquiring an additional 1,905,231 shares during the period. BNP Paribas Financial Markets purchased a new position in WEBTOON Entertainment during the third quarter valued at approximately $45,000. MetLife Investment Management LLC bought a new stake in WEBTOON Entertainment during the 3rd quarter worth approximately $107,000. Finally, Verition Fund Management LLC purchased a new stake in WEBTOON Entertainment in the 3rd quarter worth approximately $261,000.

About WEBTOON Entertainment

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.