WEBTOON Entertainment (NASDAQ:WBTN) Upgraded by Zacks Research to Strong-Buy Rating

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

A number of other research firms also recently commented on WBTN. Morgan Stanley boosted their target price on shares of WEBTOON Entertainment from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 13th. JPMorgan Chase & Co. lifted their price target on shares of WEBTOON Entertainment from $14.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 16th. 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. Wall Street Zen upgraded WEBTOON Entertainment from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on WEBTOON Entertainment from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.83.

WEBTOON Entertainment Stock Up 2.1%

Shares of WEBTOON Entertainment stock opened at $16.82 on Tuesday. The business has a fifty day simple moving average of $17.72 and a 200-day simple moving average of $12.80. WEBTOON Entertainment has a fifty-two week low of $6.75 and a fifty-two week high of $22.47. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -21.84 and a beta of 1.74.

WEBTOON Entertainment (NASDAQ:WBTN) last issued its quarterly earnings results on Tuesday, August 12th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.02 by $0.05. WEBTOON Entertainment had a negative net margin of 7.24% and a negative return on equity of 0.13%. The firm had revenue of $348.27 million for the quarter, compared to analysts’ expectations of $341.63 million. During the same period in the previous year, the business earned $0.20 earnings per share. WEBTOON Entertainment’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts anticipate that WEBTOON Entertainment will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of WEBTOON Entertainment

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its holdings in shares of WEBTOON Entertainment by 966.9% during the second quarter. Bank of America Corp DE now owns 823,708 shares of the company’s stock valued at $7,479,000 after buying an additional 746,505 shares in the last quarter. Optimize Financial Inc purchased a new position in WEBTOON Entertainment during the 1st quarter valued at about $1,132,000. Norges Bank acquired a new position in shares of WEBTOON Entertainment in the 2nd quarter valued at about $1,271,000. Jane Street Group LLC purchased a new stake in shares of WEBTOON Entertainment in the first quarter worth approximately $619,000. Finally, Vanguard Group Inc. boosted 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 purchasing an additional 79,295 shares during the period.

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.