WEBTOON Entertainment (NASDAQ:WBTN) Stock Price Up 5.3% – What’s Next?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) rose 5.3% on Wednesday . The company traded as high as $11.75 and last traded at $11.70. Approximately 659,672 shares changed hands during trading, an increase of 35% from the average daily volume of 489,593 shares. The stock had previously closed at $11.11.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WBTN. The Goldman Sachs Group cut their price target on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, August 12th. HSBC began coverage on WEBTOON Entertainment in a report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price objective for the company. Evercore ISI lowered their price target on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Monday, August 12th. Morgan Stanley lowered their price target on shares of WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Stock Performance

The company’s 50 day simple moving average is $11.08.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted 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 worth $70,206,000 after purchasing an additional 1,905,231 shares during the period. Federated Hermes Inc. purchased a new position in WEBTOON Entertainment in the second quarter valued at $32,145,000. Millennium Management LLC acquired a new position in shares of WEBTOON Entertainment during the second quarter worth about $18,346,000. Barclays PLC raised its holdings in WEBTOON Entertainment by 1,404.1% in the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock valued at $5,990,000 after acquiring an additional 488,779 shares in the last quarter. Finally, Hood River Capital Management LLC acquired a new position in WEBTOON Entertainment during the 2nd quarter worth approximately $10,352,000.

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.