WEBTOON Entertainment (NASDAQ:WBTN) Hits New 1-Year High Following Earnings Beat

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $15.89 and last traded at $16.31, with a volume of 4999103 shares. The stock had previously closed at $9.36.

The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. WEBTOON Entertainment had a negative return on equity of 0.13% and a negative net margin of 7.24%. The business had revenue of $348.27 million for the quarter, compared to analysts’ expectations of $341.63 million. During the same period in the prior year, the business posted $0.20 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WBTN shares. Citigroup started coverage on WEBTOON Entertainment in a research report on Thursday, May 15th. They set a “buy” rating and a $11.00 target price on the stock. The Goldman Sachs Group upped their target price on WEBTOON Entertainment from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley upped their target price on WEBTOON Entertainment from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Evercore ISI upped their target price on WEBTOON Entertainment from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.43.

Institutional Trading of WEBTOON Entertainment

A number of large investors have recently modified their holdings of the business. Signaturefd LLC lifted its position in WEBTOON Entertainment by 59.6% in the 2nd quarter. Signaturefd LLC now owns 3,375 shares of the company’s stock worth $31,000 after buying an additional 1,261 shares during the last quarter. Deutsche Bank AG bought a new stake in WEBTOON Entertainment in the 4th quarter worth approximately $54,000. CWM LLC lifted its position in WEBTOON Entertainment by 649.0% in the 2nd quarter. CWM LLC now owns 4,674 shares of the company’s stock worth $42,000 after buying an additional 4,050 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych bought a new stake in WEBTOON Entertainment in the 1st quarter worth approximately $58,000. Finally, Wells Fargo & Company MN lifted its position in WEBTOON Entertainment by 37.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,168 shares of the company’s stock worth $111,000 after buying an additional 2,240 shares during the last quarter.

WEBTOON Entertainment Stock Performance

The stock has a 50-day moving average of $9.38 and a two-hundred day moving average of $9.38. The company has a market cap of $2.21 billion, a P/E ratio of -22.03 and a beta of 1.12.

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.