WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 5.8% – What’s Next?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) shares fell 5.8% on Tuesday . The stock traded as low as $11.03 and last traded at $11.03. 32,452 shares changed hands during trading, a decline of 93% from the average session volume of 486,947 shares. The stock had previously closed at $11.71.

Analyst Upgrades and Downgrades

Several research analysts have commented on WBTN shares. JPMorgan Chase & Co. started coverage on shares of WEBTOON Entertainment in a research report on Monday, July 22nd. They set a “neutral” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft decreased their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley reduced their price target on shares of WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Friday, August 16th. Evercore ISI cut their target price on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. Finally, HSBC initiated coverage on shares of WEBTOON Entertainment in a report on Wednesday, September 4th. They set a “buy” rating and a $23.00 price target for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, WEBTOON Entertainment has an average rating of “Moderate Buy” and a consensus price target of $26.83.

WEBTOON Entertainment Price Performance

The stock has a 50-day simple moving average of $11.20.

Insider Buying and Selling at WEBTOON Entertainment

In other news, Director Namsun Kim acquired 7,195 shares of WEBTOON Entertainment stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $13.90 per share, with a total value of $100,010.50. Following the purchase, the director now owns 7,195 shares in the company, valued at $100,010.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other WEBTOON Entertainment news, insider Junkoo Kim bought 22,596 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $11.88 per share, with a total value of $268,440.48. Following the completion of the purchase, the insider now directly owns 905,070 shares of the company’s stock, valued at approximately $10,752,231.60. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Namsun Kim bought 7,195 shares of the stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $13.90 per share, with a total value of $100,010.50. Following the completion of the acquisition, the director now owns 7,195 shares of the company’s stock, valued at $100,010.50. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 56,526 shares of company stock valued at $710,459.

Institutional Trading of WEBTOON Entertainment

Hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. bought a new stake in WEBTOON Entertainment in the second quarter valued at $32,145,000. Millennium Management LLC bought a new stake in WEBTOON Entertainment in the 2nd quarter valued at about $18,346,000. Hood River Capital Management LLC bought a new position in WEBTOON Entertainment in the second quarter worth approximately $10,352,000. Charles Schwab Investment Management Inc. acquired a new stake in WEBTOON Entertainment in the third quarter valued at approximately $1,344,000. Finally, Ghisallo Capital Management LLC bought a new stake in shares of WEBTOON Entertainment during the second quarter valued at approximately $2,055,000.

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.