JPMorgan Chase & Co. Lowers WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $9.00

WEBTOON Entertainment (NASDAQ:WBTN - Free Report) had its price objective trimmed by JPMorgan Chase & Co. from $10.00 to $9.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley cut their price objective on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 26th. The Goldman Sachs Group cut their price target on WEBTOON Entertainment from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

WEBTOON Entertainment Stock Performance

NASDAQ:WBTN traded up $0.55 on Tuesday, reaching $8.09. The company's stock had a trading volume of 287,942 shares, compared to its average volume of 441,403. WEBTOON Entertainment has a 1-year low of $6.75 and a 1-year high of $25.66. The business's 50-day moving average price is $9.20 and its two-hundred day moving average price is $11.17. The firm has a market cap of $1.04 billion and a PE ratio of 17.59.

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WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) last issued 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 company had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. As a group, sell-side analysts expect that WEBTOON Entertainment will post -0.26 EPS for the current year.

Insider Transactions at WEBTOON Entertainment

In related news, insider Junkoo Kim purchased 11,372 shares of the stock in a transaction on Wednesday, March 19th. The shares were purchased at an average price of $8.73 per share, with a total value of $99,277.56. Following the transaction, the insider now directly owns 498,812 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On WEBTOON Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. acquired a new stake in WEBTOON Entertainment in the third quarter valued at $1,344,000. State Street Corp bought a new stake in shares of WEBTOON Entertainment in the 3rd quarter valued at about $1,560,000. SG Americas Securities LLC bought a new position in WEBTOON Entertainment during the fourth quarter worth about $892,000. Barclays PLC grew 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 purchasing an additional 488,779 shares during the period. Finally, Geode Capital Management LLC increased its position in WEBTOON Entertainment by 290.1% during the third quarter. Geode Capital Management LLC now owns 412,131 shares of the company's stock worth $4,716,000 after buying an additional 306,496 shares during the last quarter.

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.