WEBTOON Entertainment (NASDAQ:WBTN) Trading Down 5.4% on Disappointing Earnings

WEBTOON Entertainment Inc. (NASDAQ:WBTN)’s share price fell 5.4% on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $9.00 and last traded at $9.49. 182,180 shares were traded during trading, a decline of 33% from the average session volume of 270,780 shares. The stock had previously closed at $10.03.

The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). The business had revenue of $352.85 million for the quarter, compared to analysts’ expectations of $351.00 million.

Analyst Upgrades and Downgrades

WBTN has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. cut their price objective on WEBTOON Entertainment from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday. The Goldman Sachs Group cut their price objective on WEBTOON Entertainment from $25.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Morgan Stanley cut their price objective on WEBTOON Entertainment from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday. Two equities research 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WBTN. BNP Paribas Financial Markets acquired a new position in WEBTOON Entertainment during the 3rd quarter worth about $45,000. Deutsche Bank AG acquired a new position in WEBTOON Entertainment during the 4th quarter worth about $54,000. New York State Common Retirement Fund acquired a new position in WEBTOON Entertainment during the 4th quarter worth about $60,000. JPMorgan Chase & Co. acquired a new position in WEBTOON Entertainment during the 3rd quarter worth about $75,000. Finally, MetLife Investment Management LLC acquired a new position in WEBTOON Entertainment during the 3rd quarter worth about $107,000.

WEBTOON Entertainment Trading Down 10.5 %

The company’s 50-day moving average is $12.47 and its 200-day moving average is $12.05.

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.