WEBTOON Entertainment Inc.’s (NASDAQ:WBTN) Lock-Up Period Will Expire Tomorrow

WEBTOON Entertainment’s (NASDAQ:WBTN) lock-up period is set to expire on Tuesday, December 24th. WEBTOON Entertainment had issued 15,000,000 shares in its initial public offering on June 27th. The total size of the offering was $315,000,000 based on an initial share price of $21.00. After the end of WEBTOON Entertainment’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WBTN. Deutsche Bank Aktiengesellschaft cut their price objective on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. HSBC assumed coverage on shares of WEBTOON Entertainment in a report on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price target for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.83.

WEBTOON Entertainment Stock Up 5.1 %

WBTN opened at $13.05 on Monday. The stock’s 50 day simple moving average is $11.79. WEBTOON Entertainment has a 12-month low of $10.05 and a 12-month high of $25.66.

Institutional Investors Weigh In On WEBTOON Entertainment

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new stake in WEBTOON Entertainment during the third quarter worth about $45,000. Sandia Investment Management LP acquired a new stake in shares of WEBTOON Entertainment during the 2nd quarter worth approximately $114,000. MetLife Investment Management LLC purchased a new position in shares of WEBTOON Entertainment during the 3rd quarter valued at approximately $107,000. WINTON GROUP Ltd acquired a new position in shares of WEBTOON Entertainment in the 2nd quarter valued at $413,000. Finally, Verition Fund Management LLC purchased a new stake in WEBTOON Entertainment during the third quarter worth $261,000.

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.