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

WEBTOON Entertainment (NASDAQ:WBTN) had its target price reduced by stock analysts at Morgan Stanley from $16.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 36.55% from the company’s previous close.

WBTN has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. The Goldman Sachs Group dropped their price objective on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.17.

WEBTOON Entertainment Stock Down 5.1 %

Shares of NASDAQ WBTN traded down $0.51 during trading on Wednesday, reaching $9.52. 250,956 shares of the stock traded hands, compared to its average volume of 272,754. WEBTOON Entertainment has a 52-week low of $9.00 and a 52-week high of $25.66. The company has a 50-day moving average of $12.53 and a 200-day moving average of $12.07.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). The company had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. On average, equities research analysts anticipate that WEBTOON Entertainment will post -0.26 EPS for the current year.

Hedge Funds Weigh In On WEBTOON Entertainment

A number of institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its position in shares of WEBTOON Entertainment by 37.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock valued at $111,000 after purchasing an additional 2,240 shares during the last quarter. Geode Capital Management LLC boosted its holdings in WEBTOON Entertainment by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 414,886 shares of the company’s stock valued at $5,635,000 after acquiring an additional 2,755 shares during the period. BNP Paribas Financial Markets purchased a new stake in WEBTOON Entertainment during the 3rd quarter valued at about $45,000. Deutsche Bank AG purchased a new stake in WEBTOON Entertainment during the 4th quarter valued at about $54,000. Finally, Rhumbline Advisers boosted its holdings in WEBTOON Entertainment by 24.4% during the 4th 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 period.

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.