WEBTOON Entertainment (NASDAQ:WBTN) Price Target Lowered to $13.00 at Morgan Stanley

WEBTOON Entertainment (NASDAQ:WBTN) had its target price decreased by Morgan Stanley from $16.00 to $13.00 in a research note published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms have also commented on WBTN. The Goldman Sachs Group dropped their price target on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft dropped their price target on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $17.33.

WEBTOON Entertainment Stock Performance

Shares of WEBTOON Entertainment stock opened at $8.98 on Wednesday. The business has a 50-day moving average price of $12.47 and a 200-day moving average price of $12.05. WEBTOON Entertainment has a twelve month low of $8.97 and a twelve month high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.14) 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 the consensus estimate of $351.00 million. Sell-side analysts expect that WEBTOON Entertainment will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WBTN. Charles Schwab Investment Management Inc. purchased a new position in shares of WEBTOON Entertainment during the third quarter valued at approximately $1,344,000. FMR LLC boosted its position 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 buying an additional 1,905,231 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of WEBTOON Entertainment during the third quarter valued at approximately $45,000. MetLife Investment Management LLC purchased a new position in shares of WEBTOON Entertainment during the third quarter valued at approximately $107,000. Finally, Verition Fund Management LLC purchased a new position in shares of WEBTOON Entertainment during the third quarter valued at approximately $261,000.

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.