WEBTOON Entertainment (NASDAQ:WBTN) Trading Down 5.4% After Earnings Miss

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price fell 5.4% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $9.00 and last traded at $9.49. 182,180 shares traded hands during trading, a decline of 33% from the average session volume of 270,780 shares. The stock had previously closed at $10.03.

The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The firm had revenue of $352.85 million for the quarter, compared to the consensus estimate of $351.00 million.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WBTN. Deutsche Bank Aktiengesellschaft decreased their price target on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. The Goldman Sachs Group decreased their price target on shares of WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley decreased their price target on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, WEBTOON Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $17.33.

Institutional Trading of WEBTOON Entertainment

A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in WEBTOON Entertainment by 1,312.2% in the 4th quarter. Millennium Management LLC now owns 224,887 shares of the company’s stock valued at $3,054,000 after purchasing an additional 208,962 shares during the period. Deutsche Bank AG bought a new stake in WEBTOON Entertainment in the 4th quarter valued at about $54,000. D. E. Shaw & Co. Inc. boosted its holdings in WEBTOON Entertainment by 69.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 29,273 shares of the company’s stock valued at $398,000 after purchasing an additional 11,954 shares during the period. Ameriprise Financial Inc. bought a new stake in WEBTOON Entertainment in the 4th quarter valued at about $5,033,000. Finally, Northern Trust Corp lifted its holdings in shares of WEBTOON Entertainment by 6.8% during the 4th quarter. Northern Trust Corp now owns 128,310 shares of the company’s stock worth $1,742,000 after acquiring an additional 8,190 shares during the period.

WEBTOON Entertainment Trading Up 1.9 %

The stock’s fifty day moving average price is $12.40 and its two-hundred day moving average price is $12.03.

About WEBTOON Entertainment

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.