WEBTOON Entertainment (NASDAQ:WBTN) Shares Gap Down – Here’s What Happened

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $12.62, but opened at $12.10. WEBTOON Entertainment shares last traded at $11.81, with a volume of 63,913 shares traded.

Wall Street Analyst Weigh In

WBTN has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley dropped their price objective on WEBTOON Entertainment from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. The Goldman Sachs Group reduced their target price on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, August 12th. HSBC started coverage on shares of WEBTOON Entertainment in a research note on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Evercore ISI reduced their price objective on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating for the company in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

WEBTOON Entertainment Stock Performance

The business has a 50 day simple moving average of $11.33.

Institutional Trading of WEBTOON Entertainment

Several large investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of WEBTOON Entertainment by 290.1% during the 3rd quarter. Geode Capital Management LLC now owns 412,131 shares of the company’s stock worth $4,716,000 after purchasing an additional 306,496 shares during the last quarter. Barclays PLC boosted its stake in WEBTOON Entertainment by 1,404.1% during the third quarter. Barclays PLC now owns 523,589 shares of the company’s stock worth $5,990,000 after buying an additional 488,779 shares during the last quarter. State Street Corp acquired a new position in WEBTOON Entertainment during the third quarter worth $1,560,000. Potrero Capital Research LLC purchased a new stake in WEBTOON Entertainment in the 3rd quarter valued at $4,176,000. Finally, Verition Fund Management LLC acquired a new stake in shares of WEBTOON Entertainment in the 3rd quarter worth $261,000.

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.