The Goldman Sachs Group Issues Pessimistic Forecast for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective cut by analysts at The Goldman Sachs Group from $25.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 60.00% from the stock’s previous close.

WBTN has been the subject of several other reports. JPMorgan Chase & Co. dropped their target price on WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price target on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Morgan Stanley cut their price target on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.33.

WEBTOON Entertainment Stock Down 6.5 %

Shares of NASDAQ WBTN traded down $0.66 during midday trading on Wednesday, reaching $9.38. 393,661 shares of the company traded hands, compared to its average volume of 277,534. The stock’s 50-day simple moving average is $12.53 and its 200-day simple moving average is $12.07. WEBTOON Entertainment has a 12 month low of $9.00 and a 12 month high of $25.66.

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

Hedge Funds Weigh In On WEBTOON Entertainment

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets bought a new position in WEBTOON Entertainment in the third quarter worth approximately $45,000. Deutsche Bank AG purchased a new stake in shares of WEBTOON Entertainment in the 4th quarter worth approximately $54,000. New York State Common Retirement Fund bought a new position in shares of WEBTOON Entertainment during the fourth quarter valued at approximately $60,000. JPMorgan Chase & Co. purchased a new position in WEBTOON Entertainment during the third quarter valued at approximately $75,000. Finally, MetLife Investment Management LLC bought a new position in WEBTOON Entertainment in the third quarter worth approximately $107,000.

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.