WEBTOON Entertainment Inc. (NASDAQ:WBTN) Given Average Rating of "Moderate Buy" by Brokerages

WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $14.36.

Several equities research analysts have commented on WBTN shares. JPMorgan Chase & Co. dropped their price objective on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Citigroup started coverage on shares of WEBTOON Entertainment in a report on Thursday, May 15th. They set a "buy" rating and a $11.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an "equal weight" rating on the stock in a report on Thursday, April 17th. The Goldman Sachs Group dropped their price objective on shares of WEBTOON Entertainment from $15.00 to $11.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Finally, Evercore ISI dropped their price objective on shares of WEBTOON Entertainment from $23.00 to $20.00 and set an "outperform" rating on the stock in a report on Wednesday, May 14th.

Insider Activity

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 cost of $8.73 per share, for a total transaction of $99,277.56. Following the completion of the transaction, the insider now directly owns 498,812 shares in the company, valued at approximately $4,354,628.76. This represents a 2.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 5.45% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC grew its holdings in shares of WEBTOON Entertainment by 1,404.1% during the third quarter. Barclays PLC now owns 523,589 shares of the company's stock worth $5,990,000 after purchasing an additional 488,779 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of WEBTOON Entertainment during the fourth quarter worth about $5,033,000. Rhumbline Advisers grew its holdings in shares of WEBTOON Entertainment by 24.4% during the fourth quarter. Rhumbline Advisers now owns 21,423 shares of the company's stock worth $291,000 after purchasing an additional 4,206 shares in the last quarter. Millennium Management LLC grew its holdings in shares of WEBTOON Entertainment by 1,312.2% during the fourth quarter. Millennium Management LLC now owns 224,887 shares of the company's stock worth $3,054,000 after purchasing an additional 208,962 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of WEBTOON Entertainment by 355.7% during the fourth quarter. Renaissance Technologies LLC now owns 51,950 shares of the company's stock worth $705,000 after purchasing an additional 40,550 shares in the last quarter.

WEBTOON Entertainment Stock Performance

Shares of WEBTOON Entertainment stock opened at $8.78 on Friday. The stock has a market capitalization of $1.14 billion and a P/E ratio of -6.10. WEBTOON Entertainment has a 52-week low of $6.75 and a 52-week high of $25.66. The stock's 50-day simple moving average is $8.64 and its 200 day simple moving average is $10.57.

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.

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