WEBTOON Entertainment (NASDAQ:WBTN) Rating Increased to Strong-Buy at Zacks Research

WEBTOON Entertainment (NASDAQ:WBTN) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group increased their price objective on WEBTOON Entertainment from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of WEBTOON Entertainment in a research note on Wednesday, October 8th. Wall Street Zen upgraded WEBTOON Entertainment from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Morgan Stanley raised their price objective on WEBTOON Entertainment from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. boosted their price objective on WEBTOON Entertainment from $14.00 to $22.00 and gave the company a “neutral” rating in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, WEBTOON Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $17.83.

WEBTOON Entertainment Stock Performance

Shares of WBTN opened at $16.82 on Tuesday. The firm has a market cap of $2.20 billion, a PE ratio of -21.84 and a beta of 1.74. The firm’s 50 day moving average price is $17.72 and its 200 day moving average price is $12.80. WEBTOON Entertainment has a twelve month low of $6.75 and a twelve month high of $22.47.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. WEBTOON Entertainment had a negative return on equity of 0.13% and a negative net margin of 7.24%.The business had revenue of $348.27 million for the quarter, compared to analyst estimates of $341.63 million. During the same quarter in the prior year, the firm posted $0.20 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On WEBTOON Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its position in shares of WEBTOON Entertainment by 966.9% during the 2nd quarter. Bank of America Corp DE now owns 823,708 shares of the company’s stock worth $7,479,000 after purchasing an additional 746,505 shares in the last quarter. Optimize Financial Inc acquired a new position in WEBTOON Entertainment in the first quarter valued at about $1,132,000. Norges Bank bought a new stake in WEBTOON Entertainment during the second quarter worth about $1,271,000. Jane Street Group LLC acquired a new stake in shares of WEBTOON Entertainment during the first quarter worth approximately $619,000. Finally, Vanguard Group Inc. increased its holdings in shares of WEBTOON Entertainment by 22.8% during the third quarter. Vanguard Group Inc. now owns 427,623 shares of the company’s stock worth $8,300,000 after buying an additional 79,295 shares in the last quarter.

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.