WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Up – Time to Buy?

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $11.73, but opened at $12.92. WEBTOON Entertainment shares last traded at $12.23, with a volume of 491,428 shares.

Wall Street Analyst Weigh In

WBTN has been the subject of several recent research reports. Morgan Stanley dropped 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 research report on Friday, August 16th. Evercore ISI dropped their price objective on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. started coverage on shares of WEBTOON Entertainment in a report on Monday, July 22nd. They set a “neutral” rating and a $23.00 price objective for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, The Goldman Sachs Group dropped their price objective on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Trading Down 7.7 %

The firm’s 50 day moving average is $11.24.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of ($0.72) by $0.92. The company had revenue of $320.97 million for the quarter, compared to the consensus estimate of $340.72 million. During the same period last year, the company earned ($0.01) earnings per share. WEBTOON Entertainment’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts anticipate that WEBTOON Entertainment Inc. will post -1.3 EPS for the current fiscal year.

Insider Activity

In related news, insider Yongsoo Kim purchased 7,800 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average cost of $12.92 per share, with a total value of $100,776.00. Following the completion of the purchase, the insider now directly owns 110,910 shares of the company’s stock, valued at $1,432,957.20. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other WEBTOON Entertainment news, insider Yongsoo Kim acquired 7,800 shares of WEBTOON Entertainment stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $12.92 per share, with a total value of $100,776.00. Following the completion of the purchase, the insider now owns 110,910 shares in the company, valued at $1,432,957.20. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Junkoo Kim acquired 22,596 shares of WEBTOON Entertainment stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $11.88 per share, for a total transaction of $268,440.48. Following the completion of the purchase, the insider now owns 905,070 shares of the company’s stock, valued at approximately $10,752,231.60. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 56,526 shares of company stock valued at $710,459 over the last three months.

Hedge Funds Weigh In On WEBTOON Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sandia Investment Management LP bought a new position in shares of WEBTOON Entertainment during the second quarter worth $114,000. WINTON GROUP Ltd acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth $413,000. Point72 Asset Management L.P. acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth $816,000. Squarepoint Ops LLC acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth $1,256,000. Finally, Marshall Wace LLP acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth $1,516,000.

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.