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Kim Junkoo, the Founder, CEO, and Chairman of the Board at WEBTOON Entertainment Inc. (NASDAQ:WBTN), recently acquired a significant number of shares in the company. The timing is notable as the stock trades near its 52-week low of $8.32, having declined over 60% in the past year. According to a recent SEC filing, Kim purchased a total of 22,791 shares over two days, with the transactions taking place on March 19 and March 20. The shares were acquired at prices ranging from $8.73 to $8.81 per share, amounting to a total value of $199,878.
Following these transactions, Kim’s total shareholding in WEBTOON Entertainment stands at 510,231 shares. This move underscores his continued confidence in the company’s prospects. The purchases were executed through multiple transactions, with the prices reflecting a weighted average within the specified range.
In other recent news, Webtoon Entertainment Inc. reported its fourth-quarter earnings, revealing a revenue of $352.8 million, marking a 10.4% increase on a constant currency basis. Despite this growth, the company posted an EPS of -$0.03, falling short of expectations. The full-year revenue reached $1.35 billion, a 5% increase on a reported basis, with a net loss of $153 million. Analysts from Evercore ISI and Goldman Sachs have adjusted their price targets for Webtoon, with Evercore lowering it to $23 while maintaining an Outperform rating, and Goldman Sachs reducing it to $15 while keeping a Buy rating.
Webtoon’s management highlighted foreign exchange volatility and strategic investments as factors affecting their financial performance. The company is focusing on enhancing user engagement and expanding its platform reach through partnerships. Notably, Webtoon achieved a 600% year-over-year increase in adjusted EBITDA, reaching $67.9 million, and saw a gross margin expansion of 45 basis points to 23.3%. The company also reported a decline in total monthly active users by 3.7%, attributed in part to strategic shifts and external regulatory challenges. Despite these challenges, Webtoon remains optimistic about its long-term growth and profitability.
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