WEBTOON Entertainment (NASDAQ:WBTN) Reaches New 1-Year Low – Here’s Why

WEBTOON Entertainment Inc. (NASDAQ:WBTN) reached a new 52-week low on Tuesday . The stock traded as low as $8.68 and last traded at $8.77, with a volume of 198681 shares trading hands. The stock had previously closed at $8.90.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group dropped their price target on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price target on WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft dropped their price target on 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 price target on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, WEBTOON Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $17.33.

WEBTOON Entertainment Stock Up 1.9 %

The company has a fifty day simple moving average of $12.23 and a 200 day simple moving average of $11.97. The firm has a market capitalization of $1.16 billion and a P/E ratio of 19.72.

WEBTOON Entertainment (NASDAQ:WBTN) last released its earnings results on Tuesday, February 25th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The business had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. As a group, equities analysts expect that WEBTOON Entertainment Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WBTN. Charles Schwab Investment Management Inc. bought a new position in shares of WEBTOON Entertainment during the third quarter valued at $1,344,000. FMR LLC lifted its holdings in shares of WEBTOON Entertainment by 45.0% during the third quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after purchasing an additional 1,905,231 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of WEBTOON Entertainment during the third quarter valued at $45,000. MetLife Investment Management LLC bought a new position in shares of WEBTOON Entertainment during the third quarter valued at $107,000. Finally, Verition Fund Management LLC bought a new position in shares of WEBTOON Entertainment during the third quarter valued at $261,000.

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.