WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Up – Still a Buy?

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $12.75, but opened at $13.14. WEBTOON Entertainment shares last traded at $13.14, with a volume of 72,297 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of WEBTOON Entertainment from $17.50 to $16.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. The Goldman Sachs Group decreased 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 note on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.67.

WEBTOON Entertainment Trading Up 1.6 %

The company’s 50-day moving average price is $13.01 and its 200 day moving average price is $13.16.

WEBTOON Entertainment (NASDAQ:WBTN) last posted its earnings results on Thursday, November 7th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.70. The business had revenue of $347.92 million during the quarter, compared to analysts’ expectations of $336.43 million. As a group, analysts forecast that WEBTOON Entertainment Inc. will post -0.26 earnings per share for the current year.

Institutional Investors Weigh In On WEBTOON Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP acquired a new stake in WEBTOON Entertainment in the 2nd quarter valued at approximately $1,516,000. Squarepoint Ops LLC acquired a new stake in shares of WEBTOON Entertainment in the second quarter valued at $1,256,000. Millennium Management LLC purchased a new stake in shares of WEBTOON Entertainment in the 2nd quarter valued at $18,346,000. Charles Schwab Investment Management Inc. acquired a new position in WEBTOON Entertainment during the 3rd quarter worth about $1,344,000. Finally, FMR LLC lifted its stake in WEBTOON Entertainment by 45.0% during the 3rd quarter. FMR LLC now owns 6,136,865 shares of the company’s stock worth $70,206,000 after acquiring an additional 1,905,231 shares in the last quarter.

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.