WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 5.8% – What’s Next?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) shares fell 5.8% during mid-day trading on Tuesday . The stock traded as low as $11.03 and last traded at $11.03. 32,452 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 486,947 shares. The stock had previously closed at $11.71.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Evercore ISI decreased their price objective on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. Morgan Stanley dropped their price objective on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. JPMorgan Chase & Co. began coverage on WEBTOON Entertainment in a report on Monday, July 22nd. They set a “neutral” rating and a $23.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their price objective on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group decreased their target price on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Two investment 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, the company presently has an average rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Stock Performance

The stock has a 50 day moving average of $11.20.

Insider Activity

In other WEBTOON Entertainment news, Director Namsun Kim bought 7,195 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $13.90 per share, for a total transaction of $100,010.50. Following the completion of the acquisition, the director now directly owns 7,195 shares in the company, valued at $100,010.50. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Yongsoo Kim bought 7,800 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average price of $12.92 per share, with a total value of $100,776.00. Following the transaction, the insider now owns 110,910 shares in the company, valued at approximately $1,432,957.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Namsun Kim acquired 7,195 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average cost of $13.90 per share, for a total transaction of $100,010.50. Following the acquisition, the director now owns 7,195 shares of the company’s stock, valued at $100,010.50. The disclosure for this purchase can be found here. In the last three months, insiders have bought 56,526 shares of company stock worth $710,459.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WBTN. Sandia Investment Management LP purchased a new position in WEBTOON Entertainment in the 2nd quarter worth approximately $114,000. WINTON GROUP Ltd purchased a new stake in shares of WEBTOON Entertainment in the second quarter worth about $413,000. Point72 Asset Management L.P. bought a new position in shares of WEBTOON Entertainment during the 2nd quarter valued at approximately $816,000. Squarepoint Ops LLC purchased a new stake in WEBTOON Entertainment during the second quarter valued at $1,256,000. Finally, Charles Schwab Investment Management Inc. bought a new position in WEBTOON Entertainment during the third quarter valued at $1,344,000.

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.