WEBTOON Entertainment Inc.’s Lock-Up Period Set To Expire on December 24th (NASDAQ:WBTN)

WEBTOON Entertainment’s (NASDAQ:WBTN) lock-up period is set to end on Tuesday, December 24th. WEBTOON Entertainment had issued 15,000,000 shares in its IPO on June 27th. The total size of the offering was $315,000,000 based on an initial share price of $21.00. After the expiration of WEBTOON Entertainment’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. HSBC began coverage on WEBTOON Entertainment in a report on Wednesday, September 4th. They set a “buy” rating and a $23.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Trading Down 4.0 %

NASDAQ WBTN opened at $12.39 on Thursday. The company’s 50-day moving average price is $11.73. WEBTOON Entertainment has a twelve month low of $10.05 and a twelve month high of $25.66.

Institutional Trading of WEBTOON Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of WEBTOON Entertainment by 290.1% during the 3rd quarter. Geode Capital Management LLC now owns 412,131 shares of the company’s stock valued at $4,716,000 after purchasing an additional 306,496 shares during the last quarter. Barclays PLC boosted its holdings in WEBTOON Entertainment by 1,404.1% during the 3rd quarter. Barclays PLC now owns 523,589 shares of the company’s stock valued at $5,990,000 after acquiring an additional 488,779 shares during the period. State Street Corp bought a new position in WEBTOON Entertainment during the 3rd quarter worth approximately $1,560,000. Potrero Capital Research LLC bought a new position in WEBTOON Entertainment during the 3rd quarter worth approximately $4,176,000. Finally, Verition Fund Management LLC bought a new position in shares of WEBTOON Entertainment in the third quarter worth approximately $261,000.

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.