WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 5.4% on Disappointing Earnings

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s stock price fell 5.4% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $9.00 and last traded at $9.49. 182,180 shares traded hands during trading, a decline of 33% from the average session volume of 270,780 shares. The stock had previously closed at $10.03.

The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The firm had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million.

Analysts Set New Price Targets

WBTN has been the topic of several research reports. The Goldman Sachs Group cut their price objective on WEBTOON Entertainment from $48.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Morgan Stanley cut their price target on WEBTOON Entertainment from $17.50 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.67.

Institutional Trading of WEBTOON Entertainment

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in WEBTOON Entertainment by 1,312.2% in the 4th quarter. Millennium Management LLC now owns 224,887 shares of the company’s stock valued at $3,054,000 after buying an additional 208,962 shares in the last quarter. Deutsche Bank AG acquired a new position in WEBTOON Entertainment during the 4th quarter valued at about $54,000. D. E. Shaw & Co. Inc. lifted its stake in shares of WEBTOON Entertainment by 69.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 29,273 shares of the company’s stock valued at $398,000 after purchasing an additional 11,954 shares during the period. Ameriprise Financial Inc. bought a new position in WEBTOON Entertainment during the fourth quarter worth about $5,033,000. Finally, Northern Trust Corp raised its holdings in WEBTOON Entertainment by 6.8% in the fourth quarter. Northern Trust Corp now owns 128,310 shares of the company’s stock worth $1,742,000 after purchasing an additional 8,190 shares during the period.

WEBTOON Entertainment Stock Down 5.4 %

The business has a 50 day simple moving average of $12.53 and a 200-day simple moving average of $12.07.

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.