WEBTOON Entertainment Inc.’s Lock-Up Period Set To Expire on December 24th (NASDAQ:WBTN)

WEBTOON Entertainment’s (NASDAQ:WBTN) lock-up period is set to expire on Tuesday, December 24th. WEBTOON Entertainment had issued 15,000,000 shares in its initial public offering on June 27th. The total size of the offering was $315,000,000 based on an initial share price of $21.00. After the end of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. HSBC began coverage on shares of WEBTOON Entertainment in a report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Stock Up 5.1 %

Shares of WBTN opened at $13.05 on Friday. WEBTOON Entertainment has a 12 month low of $10.05 and a 12 month high of $25.66. The stock’s fifty day moving average is $11.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. bought a new stake in shares of WEBTOON Entertainment during the third quarter valued at approximately $1,344,000. FMR LLC increased its position in WEBTOON Entertainment by 45.0% in the 3rd quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after acquiring an additional 1,905,231 shares during the period. Federated Hermes Inc. bought a new stake in WEBTOON Entertainment during the 2nd quarter valued at $32,145,000. Ghisallo Capital Management LLC acquired a new position in WEBTOON Entertainment during the 2nd quarter worth $2,055,000. Finally, Hood River Capital Management LLC bought a new position in shares of WEBTOON Entertainment in the second quarter worth $10,352,000.

WEBTOON Entertainment Company Profile

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.