WEBTOON Entertainment (NASDAQ:WBTN) Sets New 52-Week Low – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price reached a new 52-week low on Friday . The company traded as low as $8.10 and last traded at $8.16, with a volume of 95816 shares. The stock had previously closed at $8.49.

Analyst Ratings Changes

WBTN has been the topic of a number of analyst reports. Morgan Stanley cut their price target on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group cut their target price on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.33.

WEBTOON Entertainment Stock Performance

The company has a 50 day moving average of $10.50 and a two-hundred day moving average of $11.44. The stock has a market capitalization of $1.04 billion and a PE ratio of 17.48.

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

Insider Buying and Selling at WEBTOON Entertainment

In other news, insider Junkoo Kim purchased 11,372 shares of the company’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 purchase, the insider now owns 498,812 shares in the company, valued at $4,354,628.76. This trade represents a 2.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WBTN. FMR LLC increased its holdings in WEBTOON Entertainment by 45.0% in the 3rd quarter. FMR LLC now owns 6,136,865 shares of the company’s stock worth $70,206,000 after buying an additional 1,905,231 shares during the period. Norges Bank purchased a new stake in shares of WEBTOON Entertainment in the 4th quarter valued at $11,862,000. Barclays PLC increased its stake in shares of WEBTOON Entertainment by 1,404.1% in the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock worth $5,990,000 after acquiring an additional 488,779 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of WEBTOON Entertainment during the fourth quarter worth $5,033,000. Finally, Potrero Capital Research LLC purchased a new position in shares of WEBTOON Entertainment during the third quarter worth $4,176,000.

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.