WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 5.4% Following Weak Earnings

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN - Get Free Report) were down 5.4% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $9.00 and last traded at $9.49. Approximately 182,180 shares traded hands during trading, a decline of 33% from the average daily volume of 270,780 shares. The stock had previously closed at $10.03.

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 for the quarter, compared to analyst estimates of $351.00 million.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. The Goldman Sachs Group reduced their target price on WEBTOON Entertainment from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on WEBTOON Entertainment from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered 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. Finally, Morgan Stanley decreased their price objective on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $17.33.

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Hedge Funds Weigh In On WEBTOON Entertainment

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

WEBTOON Entertainment Stock Performance

The stock has a 50-day simple moving average of $12.32 and a 200 day simple moving average of $12.01. The stock has a market capitalization of $1.16 billion and a P/E ratio of 19.65.

WEBTOON Entertainment Company Profile

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.