JPMorgan Chase & Co. Lowers WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $10.00

WEBTOON Entertainment (NASDAQ:WBTN) had its target price reduced by JPMorgan Chase & Co. from $12.00 to $10.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective 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. Morgan Stanley dropped their price objective 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, The Goldman Sachs Group dropped their target price on shares of WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

WEBTOON Entertainment Stock Down 1.2 %

Shares of WBTN opened at $9.04 on Wednesday. WEBTOON Entertainment has a 1-year low of $8.75 and a 1-year high of $25.66. The firm’s 50-day moving average price is $12.32 and its 200-day moving average price is $12.01.

WEBTOON Entertainment (NASDAQ:WBTN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The company had revenue of $352.85 million for the quarter, compared to analyst estimates of $351.00 million. Sell-side analysts anticipate that WEBTOON Entertainment will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN raised its holdings in shares of WEBTOON Entertainment by 37.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock valued at $111,000 after purchasing an additional 2,240 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of WEBTOON Entertainment by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 414,886 shares of the company’s stock valued at $5,635,000 after purchasing an additional 2,755 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of WEBTOON Entertainment during the third quarter valued at approximately $45,000. Deutsche Bank AG purchased a new position in shares of WEBTOON Entertainment during the fourth quarter valued at approximately $54,000. Finally, Rhumbline Advisers raised its holdings in shares of WEBTOON Entertainment by 24.4% during the fourth quarter. Rhumbline Advisers now owns 21,423 shares of the company’s stock valued at $291,000 after purchasing an additional 4,206 shares during the last quarter.

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.