Morgan Stanley Trims WEBTOON Entertainment (NASDAQ:WBTN) Target Price to $17.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective cut by Morgan Stanley from $23.00 to $17.00 in a report published on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of WEBTOON Entertainment in a research report on Monday, July 22nd. They issued a neutral rating and a $23.00 price target on the stock. The Goldman Sachs Group cut their target price on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a buy rating on the stock in a report on Monday, August 12th. Evercore ISI lowered their price objective on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an outperform rating for the company in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on WEBTOON Entertainment from $25.00 to $18.00 and set a buy rating on the stock in a report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $28.00.

WEBTOON Entertainment Price Performance

WBTN opened at $12.17 on Friday. WEBTOON Entertainment has a 52 week low of $11.15 and a 52 week high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.92. The company had revenue of $320.97 million for the quarter, compared to analyst estimates of $340.72 million. During the same period last year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts expect that WEBTOON Entertainment will post -1.27 EPS for the current fiscal year.

Insider Transactions at WEBTOON Entertainment

In related news, insider Yongsoo Kim bought 7,800 shares of WEBTOON Entertainment stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average cost of $12.92 per share, with a total value of $100,776.00. Following the purchase, the insider now owns 110,910 shares in the company, valued at $1,432,957.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On WEBTOON Entertainment

Several institutional investors have recently bought and sold shares of WBTN. Sandia Investment Management LP bought a new position in shares of WEBTOON Entertainment during the 2nd quarter worth approximately $114,000. WINTON GROUP Ltd bought a new position in WEBTOON Entertainment in the second quarter valued at $413,000. Squarepoint Ops LLC acquired a new stake in WEBTOON Entertainment in the 2nd quarter valued at $1,256,000. Marshall Wace LLP bought a new stake in WEBTOON Entertainment during the 2nd quarter worth about $1,516,000. Finally, Point72 DIFC Ltd acquired a new position in shares of WEBTOON Entertainment during the 2nd quarter worth about $1,541,000.

About WEBTOON Entertainment

Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.