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

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) have been given a consensus rating of "Moderate Buy" by the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $14.36.

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

WEBTOON Entertainment Stock Up 2.2%

Shares of NASDAQ WBTN traded up $0.20 during trading on Tuesday, reaching $9.28. The company had a trading volume of 259,665 shares, compared to its average volume of 381,235. WEBTOON Entertainment has a 12-month low of $6.75 and a 12-month high of $24.19. The stock has a market cap of $1.21 billion and a PE ratio of -6.44. The business's 50-day moving average is $8.88 and its 200 day moving average is $10.08.

Hedge Funds Weigh In On WEBTOON Entertainment

Large investors have recently made changes to their positions in the business. FMR LLC grew its position in shares of WEBTOON Entertainment by 30.9% during the fourth quarter. FMR LLC now owns 8,034,524 shares of the company's stock worth $109,109,000 after purchasing an additional 1,897,659 shares in the last quarter. Norges Bank purchased a new position in WEBTOON Entertainment in the fourth quarter worth about $11,862,000. Ameriprise Financial Inc. bought a new position in shares of WEBTOON Entertainment during the 4th quarter valued at approximately $5,033,000. Millennium Management LLC boosted its stake in shares of WEBTOON Entertainment by 1,312.2% during the 4th 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 during the period. Finally, Optimize Financial Inc bought a new position in shares of WEBTOON Entertainment during the first quarter valued at approximately $1,132,000.

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.