WEBTOON Entertainment (NASDAQ:WBTN) Stock Price Up 4.4% – Should You Buy?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) rose 4.4% during trading on Tuesday . The company traded as high as $13.26 and last traded at $13.26. Approximately 65,892 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 467,106 shares. The stock had previously closed at $12.70.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WBTN. HSBC assumed coverage on shares of WEBTOON Entertainment in a research report on Wednesday, September 4th. They set a “buy” rating and a $23.00 price target for the company. Morgan Stanley decreased their target price on shares of WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft cut their price target on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. The Goldman Sachs Group reduced their price objective 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, Evercore ISI lowered their target price on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Stock Up 6.4 %

The stock has a fifty day moving average price of $11.46.

Institutional Trading of WEBTOON Entertainment

Several large investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. purchased a new position in WEBTOON Entertainment during the second quarter worth about $32,145,000. FMR LLC raised its position in shares of WEBTOON Entertainment by 45.0% during the 3rd quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after buying an additional 1,905,231 shares during the period. Ghisallo Capital Management LLC acquired a new position in WEBTOON Entertainment in the second quarter valued at approximately $2,055,000. Hood River Capital Management LLC purchased a new position in WEBTOON Entertainment in the second quarter worth approximately $10,352,000. Finally, WINTON GROUP Ltd purchased a new stake in WEBTOON Entertainment in the second quarter valued at $413,000.

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.