WEBTOON Entertainment (NASDAQ:WBTN) Shares Down 4.8% – Should You Sell?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) dropped 4.8% during mid-day trading on Friday . The stock traded as low as $12.57 and last traded at $12.60. Approximately 80,983 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 463,126 shares. The stock had previously closed at $13.24.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. HSBC started coverage on WEBTOON Entertainment in a research note on Wednesday, September 4th. They set a “buy” rating and a $23.00 price target for the company. Deutsche Bank Aktiengesellschaft cut 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. 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.com, WEBTOON Entertainment has an average rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Stock Down 3.8 %

The firm’s 50 day moving average is $11.62.

Institutional Trading of WEBTOON Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC raised its stake in shares of WEBTOON Entertainment by 45.0% during the third quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after acquiring an additional 1,905,231 shares in the last quarter. Federated Hermes Inc. purchased a new position in WEBTOON Entertainment during the 2nd quarter worth $32,145,000. Ghisallo Capital Management LLC purchased a new position in WEBTOON Entertainment during the 2nd quarter worth $2,055,000. Hood River Capital Management LLC bought a new stake in WEBTOON Entertainment during the 2nd quarter valued at $10,352,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of WEBTOON Entertainment in the 2nd quarter worth $413,000.

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.