WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Up – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’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 traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their price target 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. The Goldman Sachs Group decreased their price target on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Morgan Stanley dropped their price objective on WEBTOON Entertainment from $17.50 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.67.

WEBTOON Entertainment Stock Performance

The firm has a 50 day moving average price of $13.03 and a 200-day moving average price of $13.11.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.70. The business had revenue of $347.92 million for the quarter, compared to the consensus estimate of $336.43 million. Analysts forecast that WEBTOON Entertainment Inc. will post -0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On WEBTOON Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in WEBTOON Entertainment during the 3rd quarter worth $45,000. Rhumbline Advisers increased its stake in WEBTOON Entertainment by 24.4% in the fourth quarter. Rhumbline Advisers now owns 21,423 shares of the company’s stock valued at $291,000 after acquiring an additional 4,206 shares during the last quarter. New York State Common Retirement Fund acquired a new position in WEBTOON Entertainment during the fourth quarter valued at approximately $60,000. JPMorgan Chase & Co. bought a new stake in WEBTOON Entertainment during the third quarter worth $75,000. Finally, MetLife Investment Management LLC bought a new position in shares of WEBTOON Entertainment in the 3rd quarter valued at $107,000.

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.