Citigroup Initiates Coverage on WEBTOON Entertainment (NASDAQ:WBTN)

Investment analysts at Citigroup started coverage on shares of WEBTOON Entertainment (NASDAQ:WBTN) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $11.00 price target on the stock. Citigroup’s price target would indicate a potential upside of 22.63% from the company’s current price.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an “equal weight” rating for the company in a research report on Thursday, April 17th. The Goldman Sachs Group reduced their target price on shares of WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price target on WEBTOON Entertainment from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Evercore ISI cut their price target on WEBTOON Entertainment from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, WEBTOON Entertainment presently has an average rating of “Moderate Buy” and an average target price of $14.36.

WEBTOON Entertainment Price Performance

Shares of WEBTOON Entertainment stock opened at $8.97 on Thursday. The company has a market capitalization of $1.17 billion and a P/E ratio of -6.23. The business has a 50-day moving average of $8.57 and a two-hundred day moving average of $10.77. WEBTOON Entertainment has a 1 year low of $6.75 and a 1 year high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The company had revenue of $352.85 million during the quarter, compared to analyst estimates of $351.00 million. On average, equities analysts anticipate that WEBTOON Entertainment will post -0.26 EPS for the current fiscal year.

Insider Activity at WEBTOON Entertainment

In other WEBTOON Entertainment news, insider Junkoo Kim purchased 11,372 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average cost of $8.73 per share, with a total value of $99,277.56. Following the transaction, the insider now directly owns 498,812 shares of the company’s stock, valued at $4,354,628.76. This represents a 2.33% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.45% of the stock is owned by insiders.

Hedge Funds Weigh In On WEBTOON Entertainment

Several hedge funds have recently modified their holdings of the stock. Deutsche Bank AG bought a new stake in WEBTOON Entertainment during the fourth quarter worth about $54,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych acquired a new position in shares of WEBTOON Entertainment during the 1st quarter worth approximately $58,000. New York State Common Retirement Fund acquired a new position in shares of WEBTOON Entertainment during the 4th quarter worth approximately $60,000. JPMorgan Chase & Co. bought a new stake in shares of WEBTOON Entertainment during the 3rd quarter worth approximately $75,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of WEBTOON Entertainment by 37.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock valued at $111,000 after buying an additional 2,240 shares during the last quarter.

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.