The Goldman Sachs Group Cuts WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $11.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective reduced by The Goldman Sachs Group from $15.00 to $11.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently commented on WBTN. Morgan Stanley decreased their price objective on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an “equal weight” rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their price target on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Citigroup assumed coverage on shares of WEBTOON Entertainment in a report on Thursday. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Evercore ISI cut their price objective on shares of WEBTOON Entertainment from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.36.

WEBTOON Entertainment Trading Up 10.3%

Shares of NASDAQ WBTN opened at $8.88 on Thursday. WEBTOON Entertainment has a 12 month low of $6.75 and a 12 month high of $25.66. The company has a 50 day simple moving average of $8.57 and a two-hundred day simple moving average of $10.78. The stock has a market cap of $1.16 billion and a price-to-earnings ratio of -6.17.

WEBTOON Entertainment (NASDAQ:WBTN) last announced 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 business had revenue of $352.85 million for the quarter, compared to analyst estimates of $351.00 million. Analysts forecast that WEBTOON Entertainment will post -0.26 EPS for the current year.

Insider Activity

In related news, insider Junkoo Kim bought 11,372 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average price of $8.73 per share, for a total transaction of $99,277.56. Following the completion of the transaction, the insider now directly owns 498,812 shares in the company, valued at $4,354,628.76. This trade represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.45% of the company’s stock.

Institutional Trading of WEBTOON Entertainment

Several institutional investors have recently modified their holdings of the stock. FMR LLC grew its position in shares of WEBTOON Entertainment by 30.9% in the fourth quarter. FMR LLC now owns 8,034,524 shares of the company’s stock valued at $109,109,000 after purchasing an additional 1,897,659 shares during the period. Norges Bank acquired a new stake in shares of WEBTOON Entertainment in the fourth quarter valued at about $11,862,000. Barclays PLC grew its position in shares of WEBTOON Entertainment by 1,404.1% in the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock valued at $5,990,000 after purchasing an additional 488,779 shares during the period. Geode Capital Management LLC grew its position in shares of WEBTOON Entertainment by 0.7% in 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 period. Finally, Ameriprise Financial Inc. acquired a new stake in shares of WEBTOON Entertainment in the fourth quarter valued at about $5,033,000.

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.