WEBTOON Entertainment (NASDAQ:WBTN) Shares Up 7.8% – Time to Buy?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) shares rose 7.8% during mid-day trading on Wednesday . The stock traded as high as $13.47 and last traded at $13.47. Approximately 103,205 shares were traded during trading, a decline of 78% from the average daily volume of 470,952 shares. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Evercore ISI dropped their price objective on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. The Goldman Sachs Group dropped their price objective on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a report on Monday, August 12th. Morgan Stanley dropped their price objective on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Finally, HSBC began coverage on WEBTOON Entertainment in a report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, WEBTOON Entertainment has an average rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Price Performance

The stock has a 50-day moving average price of $11.35.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in WEBTOON Entertainment during the 3rd quarter worth approximately $45,000. Sandia Investment Management LP purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at approximately $114,000. MetLife Investment Management LLC purchased a new stake in WEBTOON Entertainment during the 3rd quarter valued at approximately $107,000. WINTON GROUP Ltd purchased a new stake in WEBTOON Entertainment during the 2nd quarter valued at approximately $413,000. Finally, Verition Fund Management LLC purchased a new stake in WEBTOON Entertainment during the 3rd quarter valued at approximately $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.