WEBTOON Entertainment (NASDAQ:WBTN) Trading Up 5.3% – Time to Buy?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) were up 5.3% on Wednesday . The company traded as high as $11.75 and last traded at $11.70. Approximately 659,672 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 489,593 shares. The stock had previously closed at $11.11.

Wall Street Analyst Weigh In

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

WEBTOON Entertainment Stock Up 0.3 %

The company has a 50 day moving average price of $11.14.

Institutional Trading of WEBTOON Entertainment

Several institutional investors have recently made changes to their positions in WBTN. Federated Hermes Inc. purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth about $32,145,000. WINTON GROUP Ltd purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth about $413,000. Hood River Capital Management LLC purchased a new stake in shares of WEBTOON Entertainment during the second quarter worth about $10,352,000. Davidson Kempner Capital Management LP purchased a new position in WEBTOON Entertainment during the 2nd quarter valued at approximately $1,610,000. Finally, Marshall Wace LLP purchased a new position in WEBTOON Entertainment during the 2nd quarter valued at approximately $1,516,000.

WEBTOON Entertainment Company Profile

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.