Evercore ISI Forecasts Strong Price Appreciation for WEBTOON Entertainment (NASDAQ:WBTN) Stock

WEBTOON Entertainment (NASDAQ:WBTN) had its target price hoisted by equities research analysts at Evercore ISI from $20.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 39.90% from the company’s current price.

A number of other brokerages have also recently weighed in on WBTN. The Goldman Sachs Group dropped their price objective 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. Citigroup started coverage on shares of WEBTOON Entertainment in a research report on Thursday, May 15th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Morgan Stanley decreased their target price on shares of WEBTOON Entertainment from $13.00 to $10.50 and set an “equal weight” rating on the stock in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.43.

WEBTOON Entertainment Price Performance

Shares of WBTN opened at $16.44 on Wednesday. The firm has a 50 day simple moving average of $9.54 and a 200-day simple moving average of $9.40. WEBTOON Entertainment has a 1-year low of $6.75 and a 1-year high of $18.45. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -21.35 and a beta of 1.12.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. WEBTOON Entertainment had a negative net margin of 7.24% and a negative return on equity of 0.13%. The business had revenue of $348.27 million during the quarter, compared to analysts’ expectations of $341.63 million. During the same period last year, the company posted $0.20 EPS. The company’s revenue was up 8.5% on a year-over-year basis. On average, equities analysts expect that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of WEBTOON Entertainment

A number of hedge funds have recently bought and sold shares of WBTN. Alliancebernstein L.P. acquired a new stake in WEBTOON Entertainment during the fourth quarter worth approximately $1,381,000. Geode Capital Management LLC boosted its holdings in shares of WEBTOON Entertainment by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 414,886 shares of the company’s stock valued at $5,635,000 after purchasing an additional 2,755 shares during the last quarter. 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 purchasing an additional 2,240 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of WEBTOON Entertainment by 355.7% in the 4th quarter. Renaissance Technologies LLC now owns 51,950 shares of the company’s stock valued at $705,000 after purchasing an additional 40,550 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of WEBTOON Entertainment by 6.8% in the 4th quarter. Northern Trust Corp now owns 128,310 shares of the company’s stock valued at $1,742,000 after purchasing an additional 8,190 shares during the last quarter.

About WEBTOON Entertainment

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.