WEBTOON Entertainment (NASDAQ:WBTN) Sees Large Volume Increase – What’s Next?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) shares saw an uptick in trading volume on Tuesday. Approximately 1,223,535 shares traded hands during mid-day trading, an increase of 238% from the previous session’s volume of 362,460 shares. The stock last traded at $10.4540 and had previously closed at $10.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of WEBTOON Entertainment in a report on Friday, July 17th. JPMorgan Chase & Co. reduced their price objective on WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Evercore reiterated an “outperform” rating and issued a $12.00 target price on shares of WEBTOON Entertainment in a research report on Tuesday, August 11th. Finally, Wall Street Zen raised WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a research note on Monday, August 31st. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.88.

WEBTOON Entertainment Stock Up 0.7%

The business’s 50 day simple moving average is $9.90 and its two-hundred day simple moving average is $10.77. The stock has a market cap of $1.34 billion, a P/E ratio of -3.75 and a beta of 2.57.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings data on Monday, August 10th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.11. The company had revenue of $338.47 million for the quarter, compared to the consensus estimate of $339.89 million. WEBTOON Entertainment had a positive return on equity of 2.10% and a negative net margin of 25.09%.WEBTOON Entertainment’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $0.07 EPS. As a group, research analysts forecast that WEBTOON Entertainment Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Trading of WEBTOON Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in WBTN. Sequoia Financial Advisors LLC bought a new position in WEBTOON Entertainment in the 2nd quarter valued at approximately $244,000. Bank of America Corp DE acquired a new position in WEBTOON Entertainment in the 2nd quarter valued at approximately $470,000. The Manufacturers Life Insurance Company acquired a new position in WEBTOON Entertainment in the 2nd quarter valued at approximately $117,000. Ieq Capital LLC bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $149,000. Finally, PCM Encore LLC bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $543,000.

About WEBTOON Entertainment

WEBTOON Entertainment Inc is a global digital entertainment company that operates platforms for webcomics, web novels and other serialized storytelling content. Its flagship WEBTOON platform connects creators with readers through mobile and online services, offering a broad catalog of original and user-generated series across genres such as romance, fantasy, drama, action and comedy.

The company’s business includes digital content distribution, advertising, paid content and intellectual-property licensing.