WEBTOON Entertainment (NASDAQ:WBTN) Reaches New 1-Year Low – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $10.05 and last traded at $10.22, with a volume of 89018 shares. The stock had previously closed at $11.07.

Wall Street Analyst Weigh In

WBTN has been the subject of several recent research reports. The Goldman Sachs Group reduced their target price on shares of WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a report on Monday, August 12th. Evercore ISI reduced their target price on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. HSBC initiated coverage on shares of WEBTOON Entertainment in a report on Wednesday, September 4th. They set a “buy” rating and a $23.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of WEBTOON Entertainment in a report on Monday, July 22nd. They set a “neutral” rating and a $23.00 target price for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, WEBTOON Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $26.83.

WEBTOON Entertainment Stock Performance

The business’s 50-day simple moving average is $11.14.

Insider Activity at WEBTOON Entertainment

In related news, insider Junkoo Kim bought 18,935 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were acquired at an average price of $12.74 per share, for a total transaction of $241,231.90. Following the completion of the transaction, the insider now directly owns 924,005 shares in the company, valued at $11,771,823.70. This trade represents a 2.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Namsun Kim bought 7,195 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $13.90 per share, for a total transaction of $100,010.50. Following the transaction, the director now owns 7,195 shares of the company’s stock, valued at approximately $100,010.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Institutional Trading of WEBTOON Entertainment

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in shares of WEBTOON Entertainment in the third quarter valued at about $45,000. Sandia Investment Management LP purchased a new position in shares of WEBTOON Entertainment in the second quarter worth about $114,000. MetLife Investment Management LLC purchased a new position in shares of WEBTOON Entertainment in the third quarter worth about $107,000. WINTON GROUP Ltd purchased a new position in shares of WEBTOON Entertainment in the second quarter worth about $413,000. Finally, Verition Fund Management LLC purchased a new position in shares of WEBTOON Entertainment in the third quarter worth about $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.