JPMorgan Chase & Co. Has Lowered Expectations for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its price target cut by JPMorgan Chase & Co. from $12.00 to $10.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

WBTN has been the subject of several other research reports. Morgan Stanley cut their target price on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their target price on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, WEBTOON Entertainment has an average rating of “Moderate Buy” and an average price target of $17.33.

WEBTOON Entertainment Price Performance

Shares of NASDAQ WBTN opened at $8.98 on Wednesday. WEBTOON Entertainment has a 12 month low of $8.97 and a 12 month high of $25.66. The business has a 50-day moving average of $12.47 and a 200-day moving average of $12.05.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its earnings results on Tuesday, February 25th. The company reported ($0.14) earnings per share (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. Analysts predict that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of WEBTOON Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN lifted its position in WEBTOON Entertainment by 37.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock valued at $111,000 after purchasing an additional 2,240 shares during the last quarter. Geode Capital Management LLC lifted its position in WEBTOON Entertainment by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 414,886 shares of the company’s stock valued at $5,635,000 after purchasing an additional 2,755 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in WEBTOON Entertainment in the third quarter valued at approximately $45,000. Deutsche Bank AG bought a new stake in WEBTOON Entertainment in the fourth quarter valued at approximately $54,000. Finally, Rhumbline Advisers lifted its position in WEBTOON Entertainment by 24.4% in the fourth quarter. Rhumbline Advisers now owns 21,423 shares of the company’s stock valued at $291,000 after purchasing an additional 4,206 shares during the last quarter.

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.