Morgan Stanley Has Lowered Expectations for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective decreased by Morgan Stanley from $16.00 to $13.00 in a report issued on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on WBTN. Deutsche Bank Aktiengesellschaft lowered their target price on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. The Goldman Sachs Group lowered their target price on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.33.

WEBTOON Entertainment Stock Performance

NASDAQ:WBTN opened at $9.04 on Wednesday. WEBTOON Entertainment has a fifty-two week low of $8.75 and a fifty-two week high of $25.66. The company’s 50-day simple moving average is $12.32 and its 200-day simple moving average is $12.01.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). The firm had revenue of $352.85 million for the quarter, compared to analyst estimates of $351.00 million. On average, sell-side analysts predict that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On WEBTOON Entertainment

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new position in WEBTOON Entertainment during the 3rd quarter worth approximately $45,000. Deutsche Bank AG purchased a new position in WEBTOON Entertainment during the 4th quarter worth approximately $54,000. New York State Common Retirement Fund purchased a new position in WEBTOON Entertainment during the 4th quarter worth approximately $60,000. JPMorgan Chase & Co. purchased a new position in WEBTOON Entertainment during the 3rd quarter worth approximately $75,000. Finally, Wells Fargo & Company MN raised its position in WEBTOON Entertainment by 37.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock worth $111,000 after buying an additional 2,240 shares during the last quarter.

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.