WEBTOON Entertainment Inc. (NASDAQ:WBTN) Short Interest Update

WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 2,750,000 shares, a growth of 19.6% from the April 30th total of 2,300,000 shares. Based on an average daily volume of 367,400 shares, the days-to-cover ratio is currently 7.5 days. Approximately 2.1% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on WBTN shares. The Goldman Sachs Group cut their target price on WEBTOON Entertainment from $15.00 to $11.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Citigroup started coverage on WEBTOON Entertainment in a research note on Thursday, May 15th. They issued a "buy" rating and a $11.00 target price on the stock. JPMorgan Chase & Co. cut their target price on WEBTOON Entertainment from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Evercore ISI lowered their price target on WEBTOON Entertainment from $23.00 to $20.00 and set an "outperform" rating on the stock in a report on Wednesday, May 14th. Finally, Morgan Stanley lowered their price target on WEBTOON Entertainment from $13.00 to $10.50 and set an "equal weight" rating on the stock in a report on Thursday, April 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $14.36.

Insider Buying and Selling

In other news, insider Junkoo Kim acquired 11,372 shares of WEBTOON Entertainment stock in a transaction that occurred on Wednesday, March 19th. The shares were purchased at an average cost of $8.73 per share, for a total transaction of $99,277.56. Following the completion of the purchase, the insider now directly owns 498,812 shares of the company's stock, valued at $4,354,628.76. This trade represents a 2.33% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 5.45% of the stock is currently owned by company insiders.

Institutional Trading of WEBTOON Entertainment

A number of large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its position in shares of WEBTOON Entertainment by 37.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company's stock valued at $111,000 after acquiring an additional 2,240 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of WEBTOON Entertainment by 8.3% during the 1st quarter. Bank of New York Mellon Corp now owns 35,310 shares of the company's stock valued at $271,000 after acquiring an additional 2,709 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of WEBTOON Entertainment by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 414,886 shares of the company's stock valued at $5,635,000 after acquiring an additional 2,755 shares during the last quarter. Deutsche Bank AG acquired a new stake in shares of WEBTOON Entertainment during the 4th quarter valued at $54,000. Finally, Rhumbline Advisers lifted its position in shares of WEBTOON Entertainment by 24.4% during the 4th quarter. Rhumbline Advisers now owns 21,423 shares of the company's stock valued at $291,000 after acquiring an additional 4,206 shares during the last quarter.

WEBTOON Entertainment Trading Down 0.5%

NASDAQ:WBTN traded down $0.04 during mid-day trading on Friday, reaching $8.74. 381,694 shares of the stock were exchanged, compared to its average volume of 423,579. WEBTOON Entertainment has a 1-year low of $6.75 and a 1-year high of $25.66. The firm has a market capitalization of $1.14 billion and a PE ratio of -6.07. The business has a fifty day moving average price of $8.66 and a 200 day moving average price of $10.55.

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.