WEBTOON Entertainment (NASDAQ:WBTN) Stock Falls 4.8% – Time to Sell?

WEBTOON Entertainment Inc. (NASDAQ:WBTN) shares were down 4.8% during mid-day trading on Wednesday. The stock traded as low as $9.60 and last traded at $9.4420. Approximately 160,712 shares changed hands during trading, a decline of 57% from the average daily volume of 377,306 shares. The stock had previously closed at $9.92.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on WBTN. Weiss Ratings reiterated a “sell (d-)” rating on shares of WEBTOON Entertainment in a report on Thursday, October 15th. Wall Street Zen upgraded WEBTOON Entertainment from a “strong sell” rating to a “sell” rating in a research report on Monday, August 31st. Evercore reissued an “outperform” rating and set a $12.00 price objective on shares of WEBTOON Entertainment in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. cut their target price on shares of WEBTOON Entertainment from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.88.

WEBTOON Entertainment Price Performance

The stock has a market capitalization of $1.37 billion, a P/E ratio of -3.88 and a beta of 2.65. The business’s 50 day simple moving average is $10.04 and its 200-day simple moving average is $10.61.

WEBTOON Entertainment (NASDAQ:WBTN) last released its earnings results on Monday, November 9th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $362.77 million during the quarter, compared to analyst estimates of $373.75 million. WEBTOON Entertainment had a negative net margin of 25.18% and a positive return on equity of 1.71%. Research analysts anticipate that WEBTOON Entertainment Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On WEBTOON Entertainment

A number of institutional investors have recently made changes to their positions in WBTN. BlackRock Inc. bought a new stake in WEBTOON Entertainment in the second quarter valued at about $21,629,000. PCM Encore LLC bought a new position in WEBTOON Entertainment during the second quarter worth about $543,000. Bank of New York Mellon Corp bought a new position in WEBTOON Entertainment during the second quarter worth about $543,000. Bank of America Corp DE acquired a new position in shares of WEBTOON Entertainment during the 2nd quarter worth about $470,000. Finally, GSA Capital Partners LLP acquired a new position in shares of WEBTOON Entertainment during the 2nd quarter worth about $254,000.

WEBTOON Entertainment Company Profile

WEBTOON Entertainment operates a digital storytelling platform where readers can access comics, webtoons and related content on mobile devices and the web. Its services connect readers with independent creators and professional publishers, and include platforms such as WEBTOON and Wattpad. The company’s business includes paid content and advertising, as well as developing and licensing story properties for adaptations across formats such as television, film and games. Its entertainment properties have been adapted and distributed through its studios and industry partners.