Alliancebernstein L.P. Makes New $1.38 Million Investment in WEBTOON Entertainment Inc. (NASDAQ:WBTN)

Alliancebernstein L.P. bought a new position in shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 101,679 shares of the company's stock, valued at approximately $1,381,000. Alliancebernstein L.P. owned approximately 0.08% of WEBTOON Entertainment at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in WBTN. BNP Paribas Financial Markets acquired a new position in shares of WEBTOON Entertainment in the third quarter valued at approximately $45,000. New York State Common Retirement Fund acquired a new position in shares of WEBTOON Entertainment in the fourth quarter valued at approximately $60,000. JPMorgan Chase & Co. acquired a new position in shares of WEBTOON Entertainment in the third quarter valued at approximately $75,000. American Century Companies Inc. acquired a new position in shares of WEBTOON Entertainment in the fourth quarter valued at approximately $203,000. Finally, Rhumbline Advisers increased its stake in shares of WEBTOON Entertainment by 24.4% in the fourth quarter. Rhumbline Advisers now owns 21,423 shares of the company's stock valued at $291,000 after buying an additional 4,206 shares during the period.

Analyst Ratings Changes

WBTN has been the subject of several recent research reports. Morgan Stanley lowered their price objective on WEBTOON Entertainment from $13.00 to $10.50 and set an "equal weight" rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. decreased their target price on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group cut their price target on WEBTOON Entertainment from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, WEBTOON Entertainment has a consensus rating of "Moderate Buy" and an average price target of $16.75.

Insiders Place Their Bets

In related news, insider Junkoo Kim purchased 11,372 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were purchased at an average price of $8.73 per share, with a total value of $99,277.56. Following the acquisition, the insider now directly owns 498,812 shares of the company's stock, valued at approximately $4,354,628.76. This represents a 2.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

WEBTOON Entertainment Stock Up 2.4 %

WBTN stock traded up $0.22 during midday trading on Thursday, hitting $9.12. The company's stock had a trading volume of 56,264 shares, compared to its average volume of 432,841. The stock has a market cap of $1.17 billion and a price-to-earnings ratio of 19.84. The stock's 50-day moving average price is $8.73 and its 200 day moving average price is $11.01. WEBTOON Entertainment Inc. has a 1 year low of $6.75 and a 1 year high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) 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 business had revenue of $352.85 million for the quarter, compared to analysts' expectations of $351.00 million. As a group, equities analysts forecast that WEBTOON Entertainment Inc. will post -0.26 earnings per share for the current fiscal year.

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.