WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Down – Here’s Why

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $13.49, but opened at $12.00. WEBTOON Entertainment shares last traded at $11.35, with a volume of 476,783 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their price objective on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating for the company in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft dropped their price target on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Morgan Stanley cut their price target on WEBTOON Entertainment from $17.50 to $16.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, WEBTOON Entertainment presently has an average rating of “Moderate Buy” and an average target price of $21.67.

WEBTOON Entertainment Stock Down 14.9 %

The company has a 50 day moving average of $13.12 and a 200 day moving average of $13.07.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.70. The business had revenue of $347.92 million for the quarter, compared to the consensus estimate of $336.43 million. On average, research analysts expect that WEBTOON Entertainment Inc. will post -0.26 earnings per share for the current year.

Hedge Funds Weigh In On WEBTOON Entertainment

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new stake in shares of WEBTOON Entertainment during the third quarter valued at approximately $45,000. New York State Common Retirement Fund purchased a new stake in WEBTOON Entertainment during the fourth quarter valued at about $60,000. JPMorgan Chase & Co. bought a new stake in WEBTOON Entertainment in the 3rd quarter worth $75,000. MetLife Investment Management LLC bought a new stake in shares of WEBTOON Entertainment in the 3rd quarter worth approximately $107,000. Finally, Verition Fund Management LLC purchased a new position in shares of WEBTOON Entertainment during the 3rd quarter worth approximately $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.