WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 4.9%

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price traded down 4.9% during mid-day trading on Thursday . The company traded as low as $11.08 and last traded at $11.13. 60,613 shares traded hands during trading, a decline of 89% from the average session volume of 549,785 shares. The stock had previously closed at $11.70.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group reduced their price target on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Morgan Stanley reduced their price target on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. HSBC started coverage on WEBTOON Entertainment in a research report on Wednesday, September 4th. They set a “buy” rating and a $23.00 price objective on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on WEBTOON Entertainment from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, JPMorgan Chase & Co. started coverage on WEBTOON Entertainment in a research report on Monday, July 22nd. They set a “neutral” rating and a $23.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, WEBTOON Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $27.17.

WEBTOON Entertainment Stock Down 9.6 %

The stock’s 50-day moving average is $13.99.

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

Insider Transactions at WEBTOON Entertainment

In related news, insider Junkoo Kim purchased 22,596 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $11.88 per share, with a total value of $268,440.48. Following the transaction, the insider now directly owns 905,070 shares in the company, valued at approximately $10,752,231.60. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Junkoo Kim purchased 22,596 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $11.88 per share, with a total value of $268,440.48. Following the transaction, the insider now directly owns 905,070 shares in the company, valued at approximately $10,752,231.60. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Namsun Kim purchased 7,195 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $13.90 per share, for a total transaction of $100,010.50. Following the completion of the transaction, the director now owns 7,195 shares in the company, valued at $100,010.50. The disclosure for this purchase can be found here. Insiders have purchased a total of 56,526 shares of company stock valued at $710,459 in the last ninety days.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at $32,145,000. Millennium Management LLC purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at $18,346,000. Hood River Capital Management LLC purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at $10,352,000. Ghisallo Capital Management LLC purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at $2,055,000. Finally, Davidson Kempner Capital Management LP purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at $1,610,000.

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.