WEBTOON Entertainment (NASDAQ:WBTN) Stock Breaks Above 50-Day Moving Average – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $10.04 and traded as high as $10.25. WEBTOON Entertainment shares last traded at $10.08, with a volume of 567,145 shares.

Analysts Set New Price Targets

WBTN has been the subject of a number of recent analyst reports. Evercore reiterated an “outperform” rating and issued a $12.00 target price on shares of WEBTOON Entertainment in a research note on Tuesday, August 11th. Wall Street Zen upgraded WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a research report on Monday, August 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of WEBTOON Entertainment in a report on Thursday, October 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.88.

WEBTOON Entertainment Stock Performance

The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -3.88 and a beta of 2.65. The firm has a 50-day moving average price of $10.04 and a two-hundred day moving average price of $10.61.

WEBTOON Entertainment (NASDAQ:WBTN) last announced its quarterly earnings results on Monday, November 9th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $362.77 million during the quarter, compared to the consensus estimate of $373.75 million. WEBTOON Entertainment had a positive return on equity of 1.71% and a negative net margin of 25.18%. Research analysts anticipate that WEBTOON Entertainment Inc. will post -0.12 earnings per share for the current year.

Institutional Trading of WEBTOON Entertainment

Large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue boosted its stake in shares of WEBTOON Entertainment by 135.0% during the third quarter. State of Alaska Department of Revenue now owns 6,760 shares of the company’s stock worth $72,000 after buying an additional 3,883 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth approximately $244,000. Bank of America Corp DE purchased a new position in WEBTOON Entertainment in the 2nd quarter valued at $470,000. The Manufacturers Life Insurance Company acquired a new position in WEBTOON Entertainment in the 2nd quarter valued at $117,000. Finally, Ieq Capital LLC purchased a new position in WEBTOON Entertainment during the 2nd quarter worth $149,000.

WEBTOON Entertainment Company Profile

WEBTOON Entertainment operates a digital storytelling platform where readers can access comics, webtoons and related content on mobile devices and the web. Its services connect readers with independent creators and professional publishers, and include platforms such as WEBTOON and Wattpad. The company’s business includes paid content and advertising, as well as developing and licensing story properties for adaptations across formats such as television, film and games. Its entertainment properties have been adapted and distributed through its studios and industry partners.