WEBTOON Entertainment (NASDAQ:WBTN) Reaches New 12-Month Low – Here’s Why

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price hit a new 52-week low on Thursday . The stock traded as low as $8.61 and last traded at $8.66, with a volume of 59233 shares trading hands. The stock had previously closed at $8.85.

Analyst Ratings Changes

A number of equities analysts have issued reports on WBTN shares. Morgan Stanley cut their target price on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price objective on WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group reduced their price objective on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $17.33.

WEBTOON Entertainment Stock Performance

The company has a market capitalization of $1.09 billion and a price-to-earnings ratio of 18.57. The business’s 50-day simple moving average is $11.61 and its 200-day simple moving average is $11.77.

WEBTOON Entertainment (NASDAQ:WBTN) last released its earnings results 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 business had revenue of $352.85 million during the quarter, compared to analysts’ expectations of $351.00 million. On average, analysts forecast that WEBTOON Entertainment Inc. will post -0.26 earnings per share for the current year.

Hedge Funds Weigh In On WEBTOON Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in shares of WEBTOON Entertainment in the 3rd quarter valued at $45,000. Deutsche Bank AG acquired a new position in WEBTOON Entertainment during the fourth quarter worth about $54,000. New York State Common Retirement Fund acquired a new stake in shares of WEBTOON Entertainment in the 4th quarter valued at approximately $60,000. JPMorgan Chase & Co. acquired a new position in WEBTOON Entertainment during the 3rd quarter worth approximately $75,000. Finally, MetLife Investment Management LLC bought a new position in WEBTOON Entertainment in the 3rd quarter valued at approximately $107,000.

WEBTOON Entertainment Company Profile

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.