Federated Hermes Inc. Makes New $32.15 Million Investment in WEBTOON Entertainment Inc. (NASDAQ:WBTN)

Federated Hermes Inc. purchased a new position in shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,408,000 shares of the company’s stock, valued at approximately $32,145,000. Federated Hermes Inc. owned approximately 1.11% of WEBTOON Entertainment as of its most recent filing with the SEC.

Insider Activity at WEBTOON Entertainment

In related news, insider Yongsoo Kim purchased 7,800 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $12.92 per share, with a total value of $100,776.00. Following the transaction, the insider now owns 110,910 shares of the company’s stock, valued at approximately $1,432,957.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other WEBTOON Entertainment news, Director Namsun Kim bought 7,195 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average cost of $13.90 per share, with a total value of $100,010.50. Following the transaction, the director now directly owns 7,195 shares in the company, valued at approximately $100,010.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Yongsoo Kim bought 7,800 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average cost of $12.92 per share, with a total value of $100,776.00. Following the completion of the transaction, the insider now owns 110,910 shares in the company, valued at $1,432,957.20. The disclosure for this purchase can be found here. In the last three months, insiders purchased 56,526 shares of company stock valued at $710,459.

Analyst Ratings Changes

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

WEBTOON Entertainment Stock Up 1.1 %

NASDAQ WBTN opened at $10.42 on Friday. The company has a fifty day moving average of $16.22. WEBTOON Entertainment Inc. has a 12 month low of $10.22 and a 12 month high of $25.66.

WEBTOON Entertainment (NASDAQ:WBTN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.92. The company had revenue of $320.97 million during the quarter, compared to analysts’ expectations of $340.72 million. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) earnings per share. Equities analysts expect that WEBTOON Entertainment Inc. will post -1.3 EPS for the current year.

WEBTOON Entertainment Profile

Our Vision To be the world’s storytelling technology platform empowering creation by anyone, for everyone. WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication.