WEBTOON Entertainment (NASDAQ:WBTN) Stock Price Up 2.7% - Here's Why

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) were up 2.7% during trading on Tuesday . The stock traded as high as $10.04 and last traded at $9.98. Approximately 217,889 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 363,821 shares. The stock had previously closed at $9.72.

Analyst Ratings Changes

Several equities analysts have commented on WBTN shares. JPMorgan Chase & Co. decreased their price target on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group decreased their price target on shares of WEBTOON Entertainment from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Morgan Stanley decreased their price target 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 price target on shares of WEBTOON Entertainment from $23.00 to $20.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Finally, Citigroup started coverage on shares of WEBTOON Entertainment in a research report on Thursday, May 15th. They issued a "buy" rating and a $11.00 price target for the company. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $14.36.

WEBTOON Entertainment Trading Up 0.2%

The stock's fifty day moving average price is $9.07 and its two-hundred day moving average price is $9.62. The firm has a market capitalization of $1.33 billion and a price-to-earnings ratio of -7.12.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of WBTN. FMR LLC raised its holdings in shares of WEBTOON Entertainment by 30.9% in the 4th quarter. FMR LLC now owns 8,034,524 shares of the company's stock valued at $109,109,000 after purchasing an additional 1,897,659 shares in the last quarter. Norges Bank acquired a new stake in shares of WEBTOON Entertainment in the 4th quarter valued at $11,862,000. Ameriprise Financial Inc. acquired a new stake in WEBTOON Entertainment during the 4th quarter worth $5,033,000. Millennium Management LLC raised its stake 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 acquiring an additional 208,962 shares in the last quarter. Finally, Optimize Financial Inc acquired a new stake in WEBTOON Entertainment during the 1st quarter worth $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.