BlackRock Inc. Invests $21.63 Million in WEBTOON Entertainment Inc. $WBTN

BlackRock Inc. acquired a new position in shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,893,919 shares of the company’s stock, valued at approximately $21,629,000.

A number of other hedge funds have also recently made changes to their positions in WBTN. Deutsche Bank AG bought a new stake in WEBTOON Entertainment during the second quarter valued at about $237,000. Bank of New York Mellon Corp bought a new position in WEBTOON Entertainment in the second quarter worth about $543,000. GSA Capital Partners LLP bought a new position in WEBTOON Entertainment in the second quarter worth about $254,000. Parallel Advisors LLC lifted its position in shares of WEBTOON Entertainment by 620.4% during the first quarter. Parallel Advisors LLC now owns 4,445 shares of the company’s stock valued at $41,000 after buying an additional 3,828 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of WEBTOON Entertainment during the first quarter valued at about $145,000.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WBTN shares. Evercore reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of WEBTOON Entertainment in a research report on Tuesday, August 11th. JPMorgan Chase & Co. decreased their target price on shares of WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of WEBTOON Entertainment in a research note on Friday, July 17th. Finally, Wall Street Zen raised shares of WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a report on Monday. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.70.

WEBTOON Entertainment Price Performance

Shares of NASDAQ:WBTN opened at $10.20 on Thursday. The business’s 50-day moving average is $9.99 and its 200 day moving average is $10.73. WEBTOON Entertainment Inc. has a 1 year low of $7.85 and a 1 year high of $22.47. The firm has a market capitalization of $1.38 billion, a P/E ratio of -3.88 and a beta of 2.62.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Monday, August 10th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.11. The company had revenue of $338.47 million during the quarter, compared to analysts’ expectations of $339.89 million. WEBTOON Entertainment had a positive return on equity of 2.10% and a negative net margin of 25.09%.The firm’s revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share. On average, analysts expect that WEBTOON Entertainment Inc. will post -0.12 EPS for the current year.

WEBTOON Entertainment Profile

Webtoon Entertainment Inc operates WEBTOON, a leading digital comics platform offering a diverse library of user-generated and professionally produced webcomics. The company enables creators around the world to publish serialized content in a vertical-scrolling format optimized for mobile and web consumption. Through its platform, readers can access thousands of titles across genres such as romance, fantasy, drama, and action, with both free-to-read episodes and advanced access options supported by microtransactions and advertising.

Founded as part of Naver Corporation and launched internationally in 2014, Webtoon Entertainment has grown rapidly by fostering a direct connection between comic creators and global audiences.