WEBTOON Entertainment (NASDAQ:WBTN) Shares Up 5.3% – Should You Buy?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) shot up 5.3% on Wednesday . The stock traded as high as $11.75 and last traded at $11.70. 659,672 shares changed hands during mid-day trading, an increase of 35% from the average session volume of 489,593 shares. The stock had previously closed at $11.11.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WBTN. HSBC initiated coverage on shares of WEBTOON Entertainment in a research report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price objective for the company. Evercore ISI reduced their price objective on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Monday, August 12th. The Goldman Sachs Group reduced their target price on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Morgan Stanley dropped their target price 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. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, WEBTOON Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Trading Up 7.7 %

The business has a 50-day moving average of $11.08.

Institutional Investors Weigh In On WEBTOON Entertainment

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in shares of WEBTOON Entertainment by 290.1% during the third quarter. Geode Capital Management LLC now owns 412,131 shares of the company’s stock worth $4,716,000 after purchasing an additional 306,496 shares in the last quarter. Barclays PLC lifted its stake in 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 buying an additional 488,779 shares during the last quarter. State Street Corp acquired a new stake in shares of WEBTOON Entertainment in the third quarter valued at approximately $1,560,000. Potrero Capital Research LLC purchased a new position in shares of WEBTOON Entertainment during the third quarter worth approximately $4,176,000. Finally, Verition Fund Management LLC acquired a new position in shares of WEBTOON Entertainment in the 3rd quarter valued at $261,000.

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.