WEBTOON Entertainment (NASDAQ:WBTN) Stock Price Up 6.3% - Time to Buy?

WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) traded up 6.3% during trading on Monday . The stock traded as high as $7.67 and last traded at $7.47. 381,559 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 442,435 shares. The stock had previously closed at $7.02.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WBTN. The Goldman Sachs Group cut their price objective on WEBTOON Entertainment from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Morgan Stanley dropped their price target on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a "neutral" rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.17.

WEBTOON Entertainment Stock Performance

The company has a market capitalization of $1.04 billion and a P/E ratio of 17.59. The business's fifty day simple moving average is $9.20 and its 200-day simple moving average is $11.17.

WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.06). The business had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. As a group, analysts forecast that WEBTOON Entertainment Inc. will post -0.26 EPS for the current year.

Insider Buying and Selling at WEBTOON Entertainment

In other news, insider Junkoo Kim acquired 11,372 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were acquired at an average price 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 of the company's stock, valued at approximately $4,354,628.76. The trade was a 2.33 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On WEBTOON Entertainment

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. purchased a new position in WEBTOON Entertainment during the 3rd quarter valued at about $1,344,000. BNP Paribas Financial Markets purchased a new position in WEBTOON Entertainment during the third quarter valued at approximately $45,000. Verition Fund Management LLC bought a new position in WEBTOON Entertainment in the third quarter worth approximately $261,000. State Street Corp bought a new position in WEBTOON Entertainment in the third quarter worth approximately $1,560,000. Finally, Barclays PLC lifted its holdings in 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 buying an additional 488,779 shares during the period.

WEBTOON Entertainment Company Profile

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.