Morgan Stanley Cuts WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $13.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective decreased by research analysts at Morgan Stanley from $16.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 36.55% from the stock’s current price.

Other equities analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft cut their price objective on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. The Goldman Sachs Group lowered their target price on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a report on Monday, January 27th. Two equities 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, WEBTOON Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $21.17.

WEBTOON Entertainment Stock Performance

NASDAQ WBTN traded down $0.51 on Wednesday, reaching $9.52. The stock had a trading volume of 250,956 shares, compared to its average volume of 272,754. WEBTOON Entertainment has a 1-year low of $9.00 and a 1-year high of $25.66. The firm has a fifty day moving average of $12.53 and a two-hundred day moving average of $12.07.

WEBTOON Entertainment (NASDAQ:WBTN) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The company had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. On average, equities analysts forecast that WEBTOON Entertainment will post -0.26 EPS for the current year.

Institutional Investors Weigh In On WEBTOON Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of WBTN. BNP Paribas Financial Markets bought a new stake in WEBTOON Entertainment during the third quarter worth $45,000. Deutsche Bank AG purchased a new position in WEBTOON Entertainment in the fourth quarter worth $54,000. New York State Common Retirement Fund purchased a new position in WEBTOON Entertainment in the fourth quarter worth $60,000. JPMorgan Chase & Co. purchased a new position in WEBTOON Entertainment in the third quarter worth $75,000. Finally, MetLife Investment Management LLC purchased a new position in WEBTOON Entertainment in the third quarter worth $107,000.

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.