Fmr LLC Buys 1,905,231 Shares of WEBTOON Entertainment Inc. (NASDAQ:WBTN)

Fmr LLC raised its stake in WEBTOON Entertainment Inc. (NASDAQ:WBTN) by 45.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,136,865 shares of the company’s stock after buying an additional 1,905,231 shares during the period. Fmr LLC’s holdings in WEBTOON Entertainment were worth $70,206,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WBTN. Sandia Investment Management LP bought a new stake in WEBTOON Entertainment in the second quarter valued at approximately $114,000. WINTON GROUP Ltd bought a new stake in shares of WEBTOON Entertainment in the 2nd quarter valued at $413,000. Point72 Asset Management L.P. acquired a new stake in shares of WEBTOON Entertainment during the second quarter worth $816,000. Squarepoint Ops LLC bought a new position in WEBTOON Entertainment during the second quarter worth $1,256,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in WEBTOON Entertainment in the third quarter valued at $1,344,000.

Wall Street Analyst Weigh In

WBTN has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on WEBTOON Entertainment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. The Goldman Sachs Group lowered their target price on WEBTOON Entertainment from $62.00 to $55.00 and set a “buy” rating for the company in a report on Monday, August 12th. Morgan Stanley cut their price target 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. HSBC initiated coverage on shares of WEBTOON Entertainment in a research note on Wednesday, September 4th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, Evercore ISI cut their target price on shares of WEBTOON Entertainment from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, WEBTOON Entertainment presently has an average rating of “Moderate Buy” and an average price target of $26.83.

WEBTOON Entertainment Price Performance

NASDAQ WBTN opened at $12.97 on Friday. The company has a fifty day simple moving average of $11.43. WEBTOON Entertainment Inc. has a 12-month low of $10.05 and a 12-month high of $25.66.

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.