WEBTOON Entertainment (NASDAQ:WBTN) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI raised its target price for WEBTOON Entertainment (NASDAQ:WBTN) from $20.00 to $23.00, indicating a potential upside of 145.73% from the current stock price.
• While Evercore maintains an "outperform" rating, other analysts have set target prices lower, with Goldman Sachs lowering their estimate to $11.00 and Morgan Stanley to $10.50.
• WEBTOON Entertainment stock recently traded at $9.36, with a market capitalization of $1.22 billion and significant institutional investments noted in the last quarter.

WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) had its target price lifted by analysts at Evercore ISI from $20.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Evercore ISI's target price suggests a potential upside of 145.73% from the stock's current price.

Several other equities analysts also recently weighed in on WBTN. The Goldman Sachs Group reduced 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. Citigroup assumed 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. Finally, Morgan Stanley lowered their target price on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an "equal weight" rating for the company in a report on Thursday, April 17th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.79.

WEBTOON Entertainment Stock Up 2.4%

WBTN stock opened at $9.36 on Wednesday. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -6.50 and a beta of 1.12. WEBTOON Entertainment has a 52-week low of $6.75 and a 52-week high of $14.69. The stock's fifty day simple moving average is $9.22 and its 200-day simple moving average is $9.32.

Institutional Trading of WEBTOON Entertainment

A number of institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. purchased a new stake in WEBTOON Entertainment during the fourth quarter worth approximately $5,033,000. Millennium Management LLC boosted its position in 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. Renaissance Technologies LLC increased its holdings in WEBTOON Entertainment by 355.7% in the 4th quarter. Renaissance Technologies LLC now owns 51,950 shares of the company's stock valued at $705,000 after purchasing an additional 40,550 shares in the last quarter. Alliancebernstein L.P. purchased a new position in WEBTOON Entertainment in the fourth quarter valued at about $1,381,000. Finally, Wells Fargo & Company MN lifted its stake in shares of WEBTOON Entertainment by 37.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,168 shares of the company's stock worth $111,000 after purchasing an additional 2,240 shares in the last quarter.

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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