Bank of New York Mellon Corp Purchases 2,709 Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN)

Bank of New York Mellon Corp raised its position in shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) by 8.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,310 shares of the company’s stock after acquiring an additional 2,709 shares during the period. Bank of New York Mellon Corp’s holdings in WEBTOON Entertainment were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. bought a new position in WEBTOON Entertainment during the fourth quarter valued at $5,033,000. Millennium Management LLC increased its position in WEBTOON Entertainment by 1,312.2% during the fourth quarter. Millennium Management LLC now owns 224,887 shares of the company’s stock valued at $3,054,000 after acquiring an additional 208,962 shares during the last quarter. Renaissance Technologies LLC increased its position in WEBTOON Entertainment by 355.7% during the fourth quarter. Renaissance Technologies LLC now owns 51,950 shares of the company’s stock valued at $705,000 after acquiring an additional 40,550 shares during the last quarter. Alliancebernstein L.P. bought a new position in WEBTOON Entertainment during the fourth quarter valued at $1,381,000. Finally, Norges Bank bought a new position in WEBTOON Entertainment during the fourth quarter valued at $11,862,000.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WBTN. Citigroup began coverage on shares of WEBTOON Entertainment in a research report on Thursday, May 15th. They set a “buy” rating and a $11.00 price objective on the stock. The Goldman Sachs Group lowered their target price on shares of WEBTOON Entertainment from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, May 15th. Evercore ISI lowered their target price on shares of WEBTOON Entertainment from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, May 14th. Morgan Stanley lowered their target price on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an “equal weight” rating for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of WEBTOON Entertainment from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.36.

WEBTOON Entertainment Trading Up 0.2%

WBTN opened at $9.34 on Wednesday. WEBTOON Entertainment Inc. has a 12-month low of $6.75 and a 12-month high of $21.28. The firm has a market capitalization of $1.22 billion, a PE ratio of -6.49 and a beta of 1.12. The firm has a 50 day moving average of $9.19 and a two-hundred day moving average of $9.46.

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.