JPMorgan Chase & Co. Issues Pessimistic Forecast for WEBTOON Entertainment (NASDAQ:WBTN) Stock Price

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective reduced by JPMorgan Chase & Co. from $10.00 to $9.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 23.59% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Morgan Stanley dropped their price target on shares of WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group decreased their price objective on shares of WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, WEBTOON Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.17.

WEBTOON Entertainment Stock Down 2.4 %

Shares of WEBTOON Entertainment stock traded down $0.18 during trading hours on Tuesday, hitting $7.28. 80,666 shares of the company’s stock traded hands, compared to its average volume of 440,991. WEBTOON Entertainment has a twelve month low of $6.75 and a twelve month high of $25.66. The company has a market cap of $938.39 million and a PE ratio of 15.79. The stock has a 50 day simple moving average of $9.85 and a 200-day simple moving average of $11.31.

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

Insiders Place Their Bets

In other WEBTOON Entertainment news, insider Junkoo Kim bought 11,372 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average price of $8.73 per share, with a total value of $99,277.56. Following the completion of the acquisition, the insider now directly owns 498,812 shares of the company’s stock, valued at approximately $4,354,628.76. The trade was a 2.33 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On WEBTOON Entertainment

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. acquired a new position in WEBTOON Entertainment during the 3rd quarter worth $1,344,000. BNP Paribas Financial Markets acquired a new stake in WEBTOON Entertainment in the third quarter worth approximately $45,000. MetLife Investment Management LLC bought a new position in WEBTOON Entertainment during the third quarter valued at about $107,000. Verition Fund Management LLC acquired a new position in shares of WEBTOON Entertainment in the 3rd quarter worth approximately $261,000. Finally, State Street Corp acquired a new position in WEBTOON Entertainment in the third quarter worth approximately $1,560,000.

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.