Morgan Stanley Cuts WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $17.00

WEBTOON Entertainment (NASDAQ:WBTNFree Report) had its price objective cut by Morgan Stanley from $23.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages also recently issued reports on WBTN. The Goldman Sachs Group reduced their price target on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a buy rating on the stock in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reduced their price objective on WEBTOON Entertainment from $25.00 to $18.00 and set a buy rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. began coverage on WEBTOON Entertainment in a research report on Monday, July 22nd. They set a neutral rating and a $23.00 price target on the stock. Finally, Evercore ISI cut their price objective on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an outperform rating on the stock in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $28.00.

Read Our Latest Research Report on WBTN

WEBTOON Entertainment Trading Up 7.3 %

Shares of WBTN stock opened at $13.06 on Friday. WEBTOON Entertainment has a 12-month low of $11.15 and a 12-month high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTNGet Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.92. The business had revenue of $320.97 million during the quarter, compared to analysts’ expectations of $340.72 million. During the same period in the previous year, the business posted ($0.01) EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that WEBTOON Entertainment will post -1.27 earnings per share for the current year.

Insider Transactions at WEBTOON Entertainment

In related news, insider Yongsoo Kim acquired 7,800 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average price of $12.92 per share, with a total value of $100,776.00. Following the transaction, the insider now owns 110,910 shares of the company’s stock, valued at approximately $1,432,957.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of hedge funds have recently added to or reduced their stakes in WBTN. Sandia Investment Management LP purchased a new position in WEBTOON Entertainment in the second quarter valued at approximately $114,000. WINTON GROUP Ltd purchased a new stake in WEBTOON Entertainment in the 2nd quarter valued at $413,000. Point72 Asset Management L.P. purchased a new stake in WEBTOON Entertainment in the 2nd quarter valued at $816,000. Squarepoint Ops LLC purchased a new stake in shares of WEBTOON Entertainment in the second quarter valued at about $1,256,000. Finally, Marshall Wace LLP acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth about $1,516,000.

About WEBTOON Entertainment

(Get Free Report)

Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.

Further Reading

Analyst Recommendations for WEBTOON Entertainment (NASDAQ:WBTN)

Receive News & Ratings for WEBTOON Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEBTOON Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.