WEBTOON Entertainment (NASDAQ:WBTN) Trading Up 5.3% – Time to Buy?

Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN) were up 5.3% on Wednesday . The stock traded as high as $11.75 and last traded at $11.70. Approximately 659,672 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 489,593 shares. The stock had previously closed at $11.11.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft decreased their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Morgan Stanley decreased their target price on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Friday, August 16th. Evercore ISI decreased their target price on WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Monday, August 12th. The Goldman Sachs Group reduced their price target on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, HSBC began coverage on WEBTOON Entertainment in a research note on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, WEBTOON Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $26.83.

WEBTOON Entertainment Stock Up 0.3 %

The firm has a 50 day simple moving average of $11.14.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $32,145,000. Ghisallo Capital Management LLC bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $2,055,000. Hood River Capital Management LLC bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $10,352,000. WINTON GROUP Ltd bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $413,000. Finally, Sandia Investment Management LP bought a new position in shares of WEBTOON Entertainment during the second quarter valued at $114,000.

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.