WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) had its price objective lifted by investment analysts at Morgan Stanley from $10.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price would suggest a potential downside of 35.14% from the stock's previous close.
WBTN has been the topic of several other research reports. Citigroup began coverage on WEBTOON Entertainment in a report on Thursday, May 15th. They set a "buy" rating and a $11.00 price target on the stock. Evercore ISI raised their price objective on WEBTOON Entertainment from $20.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price objective on WEBTOON Entertainment from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.43.
Check Out Our Latest Stock Analysis on WEBTOON Entertainment
WEBTOON Entertainment Stock Performance
Shares of WBTN traded up $7.60 during mid-day trading on Wednesday, hitting $16.96. 11,210,830 shares of the company's stock were exchanged, compared to its average volume of 373,212. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -11.78 and a beta of 1.12. WEBTOON Entertainment has a fifty-two week low of $6.75 and a fifty-two week high of $18.45. The stock's 50-day moving average is $9.22 and its 200-day moving average is $9.32.
Hedge Funds Weigh In On WEBTOON Entertainment
Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of WEBTOON Entertainment during the second quarter worth about $1,271,000. American Century Companies Inc. lifted its stake in shares of WEBTOON Entertainment by 59.0% in the second quarter. American Century Companies Inc. now owns 69,666 shares of the company's stock worth $633,000 after acquiring an additional 25,863 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of WEBTOON Entertainment by 42.0% in the second quarter. Rhumbline Advisers now owns 31,016 shares of the company's stock worth $282,000 after acquiring an additional 9,175 shares in the last quarter. Creative Planning grew its holdings in shares of WEBTOON Entertainment by 127.4% during the second quarter. Creative Planning now owns 66,806 shares of the company's stock valued at $607,000 after purchasing an additional 37,422 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of WEBTOON Entertainment by 60.8% during the second quarter. SG Americas Securities LLC now owns 97,890 shares of the company's stock worth $889,000 after buying an additional 37,004 shares during the period.
WEBTOON Entertainment Company Profile
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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.
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