Morgan Stanley Cuts WEBTOON Entertainment (NASDAQ:WBTN) Price Target to $16.00

WEBTOON Entertainment (NASDAQ:WBTN) had its price objective cut by Morgan Stanley from $17.50 to $16.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Separately, Deutsche Bank Aktiengesellschaft cut their price target on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, WEBTOON Entertainment currently has an average rating of “Moderate Buy” and an average target price of $26.67.

WEBTOON Entertainment Stock Up 4.2 %

NASDAQ WBTN opened at $13.27 on Monday. The company has a 50 day moving average price of $12.59. WEBTOON Entertainment has a 1-year low of $10.05 and a 1-year high of $25.66.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of WEBTOON Entertainment by 45.0% in the third quarter. FMR LLC now owns 6,136,865 shares of the company’s stock valued at $70,206,000 after buying an additional 1,905,231 shares during the last quarter. Millennium Management LLC purchased a new stake in WEBTOON Entertainment in the 2nd quarter worth approximately $18,346,000. Barclays PLC raised its holdings in WEBTOON Entertainment by 1,404.1% in 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 last quarter. Hood River Capital Management LLC acquired a new position in WEBTOON Entertainment in the 2nd quarter valued at $10,352,000. Finally, Potrero Capital Research LLC purchased a new position in shares of WEBTOON Entertainment during the 3rd quarter worth $4,176,000.

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.