Morgan Stanley Trims WEBTOON Entertainment (NASDAQ:WBTN) Target Price to $17.00

WEBTOON Entertainment (NASDAQ:WBTN) had its target price trimmed by Morgan Stanley from $23.00 to $17.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other brokerages have also issued reports on WBTN. Evercore ISI decreased their target price on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an outperform rating on the stock in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft decreased their price objective on WEBTOON Entertainment from $25.00 to $18.00 and set a buy rating on the stock in a report on Monday, August 12th. The Goldman Sachs Group dropped their target price on WEBTOON Entertainment from $62.00 to $55.00 and set a buy rating for the company in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. started coverage on WEBTOON Entertainment in a research note on Monday, July 22nd. They issued a neutral rating and a $23.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $28.00.

WEBTOON Entertainment Stock Down 1.6 %

NASDAQ WBTN opened at $12.17 on Friday. WEBTOON Entertainment has a fifty-two week low of $11.15 and a fifty-two week high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last announced its earnings results on Thursday, August 8th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.92. The firm had revenue of $320.97 million during the quarter, compared to analyst estimates of $340.72 million. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.01) EPS. As a group, equities research analysts anticipate that WEBTOON Entertainment will post -1.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Yongsoo Kim acquired 7,800 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average cost of $12.92 per share, for a total transaction of $100,776.00. Following the acquisition, the insider now directly owns 110,910 shares in the company, valued at approximately $1,432,957.20. The purchase was disclosed in a filing with the SEC, which is available through this link.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC purchased a new position in shares of WEBTOON Entertainment in the 2nd quarter valued at $18,346,000. Marshall Wace LLP purchased a new position in WEBTOON Entertainment in the second quarter valued at about $1,516,000. Squarepoint Ops LLC acquired a new position in shares of WEBTOON Entertainment during the second quarter worth about $1,256,000. Point72 DIFC Ltd acquired a new position in shares of WEBTOON Entertainment during the second quarter worth about $1,541,000. Finally, Sandia Investment Management LP purchased a new stake in shares of WEBTOON Entertainment in the second quarter worth about $114,000.

WEBTOON Entertainment Company Profile

Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.