WEBTOON Entertainment Inc.’s Lock-Up Period Set To End Tomorrow (NASDAQ:WBTN)

WEBTOON Entertainment’s (NASDAQ:WBTN) lock-up period is set to end on Tuesday, December 24th. WEBTOON Entertainment had issued 15,000,000 shares in its public offering on June 27th. The total size of the offering was $315,000,000 based on an initial share price of $21.00. After the end of WEBTOON Entertainment’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WBTN. Deutsche Bank Aktiengesellschaft lowered their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. HSBC assumed coverage on shares of WEBTOON Entertainment in a report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Price Performance

NASDAQ WBTN opened at $13.05 on Monday. The firm has a 50-day moving average price of $11.79. WEBTOON Entertainment has a 1-year low of $10.05 and a 1-year high of $25.66.

Institutional Trading of WEBTOON Entertainment

A number of large investors have recently modified their holdings of WBTN. FMR LLC grew its stake in WEBTOON Entertainment by 45.0% during the 3rd 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 in the last quarter. Federated Hermes Inc. acquired a new position in shares of WEBTOON Entertainment during the second quarter worth about $32,145,000. Millennium Management LLC purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth approximately $18,346,000. Barclays PLC increased its stake in shares of WEBTOON Entertainment by 1,404.1% during the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock worth $5,990,000 after buying an additional 488,779 shares during the period. Finally, Hood River Capital Management LLC acquired a new stake in WEBTOON Entertainment in the second quarter valued at approximately $10,352,000.

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.