WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Up - Here's What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $12.75, but opened at $13.14. WEBTOON Entertainment shares last traded at $13.14, with a volume of 72,297 shares.

Analyst Upgrades and Downgrades

A number of research analysts have commented on WBTN shares. The Goldman Sachs Group cut their target price on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, January 27th. Morgan Stanley cut their price objective on shares of WEBTOON Entertainment from $17.50 to $16.00 and set an "equal weight" rating on the stock in a report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.67.

WEBTOON Entertainment Stock Performance

The stock's 50-day moving average is $13.09 and its 200 day moving average is $13.07.

WEBTOON Entertainment (NASDAQ:WBTN - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of ($0.48) by $0.70. The business had revenue of $347.92 million during the quarter, compared to analyst estimates of $336.43 million. As a group, equities analysts forecast that WEBTOON Entertainment Inc. will post -0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On WEBTOON Entertainment

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of WEBTOON Entertainment by 45.0% during the third quarter. FMR LLC now owns 6,136,865 shares of the company's stock valued at $70,206,000 after acquiring an additional 1,905,231 shares in the last quarter. Barclays PLC increased its stake in WEBTOON Entertainment by 1,404.1% during the 3rd quarter. Barclays PLC now owns 523,589 shares of the company's stock valued at $5,990,000 after purchasing an additional 488,779 shares in the last quarter. Potrero Capital Research LLC purchased a new position in shares of WEBTOON Entertainment in the third quarter worth $4,176,000. Geode Capital Management LLC raised its holdings in shares of WEBTOON Entertainment by 290.1% in 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. Finally, State Street Corp acquired a new stake in shares of WEBTOON Entertainment during the third quarter worth $1,560,000.

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.