Morgan Stanley Lowers WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $13.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective dropped by equities researchers at Morgan Stanley from $16.00 to $13.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 42.08% from the stock’s current price.

WBTN has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. The Goldman Sachs Group reduced their price target on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, WEBTOON Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

WEBTOON Entertainment Price Performance

Shares of NASDAQ:WBTN opened at $9.15 on Wednesday. The business’s 50 day simple moving average is $12.40 and its 200 day simple moving average is $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 released 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 firm had revenue of $352.85 million during the quarter, compared to analysts’ expectations of $351.00 million. On average, equities analysts predict that WEBTOON Entertainment will post -0.26 EPS for the current year.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of hedge funds have recently made changes to their positions in WBTN. Millennium Management LLC increased its position in WEBTOON Entertainment by 1,312.2% during the 4th quarter. Millennium Management LLC now owns 224,887 shares of the company’s stock worth $3,054,000 after purchasing an additional 208,962 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of WEBTOON Entertainment during the fourth quarter worth $54,000. D. E. Shaw & Co. Inc. increased its holdings in shares of WEBTOON Entertainment by 69.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 29,273 shares of the company’s stock worth $398,000 after buying an additional 11,954 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of WEBTOON Entertainment in the 4th quarter valued at $5,033,000. Finally, Northern Trust Corp boosted its holdings in shares of WEBTOON Entertainment by 6.8% during the 4th quarter. Northern Trust Corp now owns 128,310 shares of the company’s stock valued at $1,742,000 after acquiring an additional 8,190 shares in the last quarter.

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.