WEBTOON Entertainment (NASDAQ:WBTN) Sees Unusually-High Trading Volume – Still a Buy?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) saw strong trading volume on Tuesday. Approximately 1,223,535 shares changed hands during mid-day trading, an increase of 238% from the previous session’s volume of 362,460 shares. The stock last traded at $10.4540 and had previously closed at $10.46.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WBTN. JPMorgan Chase & Co. cut their target price on shares of WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen upgraded WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a research note on Monday, August 31st. Weiss Ratings restated a “sell (d-)” rating on shares of WEBTOON Entertainment in a research report on Friday, July 17th. Finally, Evercore reiterated an “outperform” rating and set a $12.00 target price on shares of WEBTOON Entertainment in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, WEBTOON Entertainment has a consensus rating of “Hold” and a consensus target price of $10.88.

WEBTOON Entertainment Price Performance

The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -3.99 and a beta of 2.57. The firm has a fifty day simple moving average of $9.87 and a two-hundred day simple moving average of $10.75.

WEBTOON Entertainment (NASDAQ:WBTN) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.11. The business had revenue of $338.47 million for the quarter, compared to analyst estimates of $339.89 million. WEBTOON Entertainment had a positive return on equity of 2.10% and a negative net margin of 25.09%.The company’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.07 earnings per share. Equities analysts anticipate that WEBTOON Entertainment Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. acquired a new stake in shares of WEBTOON Entertainment in the fourth quarter worth approximately $27,000. Parallel Advisors LLC raised its position in shares of WEBTOON Entertainment by 620.4% in 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. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in shares of WEBTOON Entertainment by 13.3% in the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 8,500 shares of the company’s stock valued at $78,000 after buying an additional 1,000 shares during the last quarter. Abel Hall LLC purchased a new position in shares of WEBTOON Entertainment in the first quarter worth about $110,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of WEBTOON Entertainment in the second quarter worth about $117,000.

WEBTOON Entertainment Company Profile

WEBTOON Entertainment Inc is a global digital entertainment company that operates platforms for webcomics, web novels and other serialized storytelling content. Its flagship WEBTOON platform connects creators with readers through mobile and online services, offering a broad catalog of original and user-generated series across genres such as romance, fantasy, drama, action and comedy.

The company’s business includes digital content distribution, advertising, paid content and intellectual-property licensing.