WEBTOON Entertainment (NASDAQ:WBTN) Hits New 12-Month High After Analyst Upgrade

Key Points

• WEBTOON Entertainment Inc. shares hit a new 52-week high of $16.31 following an upgrade from Evercore ISI, which raised its price target from $20.00 to $23.00.
• The stock has seen a significant 73.6% increase in value, with a current market cap of $2.12 billion and a consensus rating of "Moderate Buy."
• Key institutional investors have shown increased interest, with firms like CWM LLC boosting their stakes by as much as 649.0% during the second quarter.

WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) shares reached a new 52-week high on Wednesday after Evercore ISI raised their price target on the stock from $20.00 to $23.00. Evercore ISI currently has an outperform rating on the stock. WEBTOON Entertainment traded as high as $15.89 and last traded at $16.31, with a volume of 4999103 shares traded. The stock had previously closed at $9.36.

Several other brokerages also recently weighed in on WBTN. Morgan Stanley cut their target price on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an "equal weight" rating on the stock in a research note on Thursday, April 17th. Citigroup initiated coverage on shares of WEBTOON Entertainment in a report on Thursday, May 15th. They set a "buy" rating and a $11.00 price target for the company. Finally, The Goldman Sachs Group lowered their target price on shares of WEBTOON Entertainment from $15.00 to $11.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WBTN. Signaturefd LLC increased its stake in shares of WEBTOON Entertainment by 59.6% in the second quarter. Signaturefd LLC now owns 3,375 shares of the company's stock worth $31,000 after buying an additional 1,261 shares during the last quarter. CWM LLC lifted its holdings in WEBTOON Entertainment by 649.0% in the second quarter. CWM LLC now owns 4,674 shares of the company's stock worth $42,000 after purchasing an additional 4,050 shares during the period. Deutsche Bank AG bought a new stake in WEBTOON Entertainment in the fourth quarter worth about $54,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych bought a new stake in WEBTOON Entertainment in the first quarter worth about $58,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in WEBTOON Entertainment during the 2nd quarter worth about $107,000.

WEBTOON Entertainment Trading Up 73.6%

The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -11.33 and a beta of 1.12. The company has a fifty day simple moving average of $9.22 and a 200-day simple moving average of $9.32.

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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