WEBTOON Entertainment Inc. (NASDAQ:WBTN) Short Interest Up 71.5% in September

WEBTOON Entertainment Inc. (NASDAQ:WBTNGet Free Report) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,350,000 shares, a growth of 71.5% from the September 15th total of 1,370,000 shares. Approximately 16.0% of the company’s stock are short sold. Based on an average daily trading volume, of 471,700 shares, the short-interest ratio is currently 5.0 days.

WEBTOON Entertainment Stock Performance

Shares of WBTN opened at $11.23 on Friday. WEBTOON Entertainment has a one year low of $10.22 and a one year high of $25.66. The stock has a 50 day simple moving average of $12.77.

WEBTOON Entertainment (NASDAQ:WBTNGet Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.92. The business had revenue of $320.97 million during the quarter, compared to the consensus estimate of $340.72 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, sell-side analysts expect that WEBTOON Entertainment will post -1.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

WBTN has been the subject of a number of research analyst reports. Morgan Stanley cut their price target on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Evercore ISI reduced their price target on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. initiated coverage on shares of WEBTOON Entertainment in a report on Monday, July 22nd. They set a “neutral” rating and a $23.00 price objective on the stock. The Goldman Sachs Group reduced their target price on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on WEBTOON Entertainment from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.17.

Get Our Latest Report on WBTN

Insider Buying and Selling

In other WEBTOON Entertainment news, insider Junkoo Kim purchased 22,596 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were acquired at an average price of $11.88 per share, for a total transaction of $268,440.48. Following the acquisition, the insider now owns 905,070 shares of the company’s stock, valued at $10,752,231.60. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Junkoo Kim purchased 22,596 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $11.88 per share, for a total transaction of $268,440.48. Following the purchase, the insider now owns 905,070 shares in the company, valued at $10,752,231.60. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Namsun Kim acquired 7,195 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $13.90 per share, for a total transaction of $100,010.50. Following the completion of the purchase, the director now directly owns 7,195 shares in the company, valued at $100,010.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 56,526 shares of company stock worth $710,459.

Hedge Funds Weigh In On WEBTOON Entertainment

Several large investors have recently made changes to their positions in WBTN. Ghisallo Capital Management LLC bought a new stake in shares of WEBTOON Entertainment during the second quarter worth approximately $2,055,000. Point72 Asset Management L.P. acquired a new stake in WEBTOON Entertainment during the 2nd quarter worth $816,000. Millennium Management LLC bought a new stake in shares of WEBTOON Entertainment during the 2nd quarter valued at $18,346,000. Squarepoint Ops LLC acquired a new position in shares of WEBTOON Entertainment in the 2nd quarter valued at $1,256,000. Finally, Sandia Investment Management LP bought a new position in shares of WEBTOON Entertainment in the 2nd quarter worth $114,000.

About WEBTOON Entertainment

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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.

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