Warner Bros. Discovery (NASDAQ:WBD) Trading 3.5% Higher

Warner Bros. Discovery, Inc. (NASDAQ:WBD) was up 3.5% on Tuesday . The company traded as high as $7.80 and last traded at $7.68. Approximately 10,480,789 shares were traded during trading, a decline of 62% from the average daily volume of 27,464,055 shares. The stock had previously closed at $7.42.

Analyst Ratings Changes

WBD has been the topic of a number of recent research reports. KeyCorp upgraded Warner Bros. Discovery from a “sector weight” rating to an “overweight” rating and set a $11.00 target price on the stock in a research note on Friday, May 10th. Evercore ISI lowered their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday. Sanford C. Bernstein cut their target price on shares of Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Rosenblatt Securities raised shares of Warner Bros. Discovery from a “sell” rating to a “neutral” rating and increased their price target for the stock from $7.00 to $10.00 in a report on Thursday, March 21st. Finally, Barrington Research restated an “outperform” rating and set a $15.00 price target on shares of Warner Bros. Discovery in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Hold” and a consensus price target of $12.29.

Warner Bros. Discovery Price Performance

The stock’s fifty day moving average price is $7.71 and its 200-day moving average price is $8.70. The firm has a market cap of $20.88 billion, a PE ratio of -6.87 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.82 and a quick ratio of 0.82.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.16). Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $10.22 billion. During the same period in the prior year, the company posted $0.18 EPS. The firm’s revenue was down 6.9% on a year-over-year basis. As a group, equities analysts expect that Warner Bros. Discovery, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Warner Bros. Discovery

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Warner Bros. Discovery in the 4th quarter valued at approximately $198,916,000. The Manufacturers Life Insurance Company grew its position in Warner Bros. Discovery by 17.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 25,534,218 shares of the company’s stock worth $290,579,000 after acquiring an additional 3,710,343 shares during the period. EdgePoint Investment Group Inc. grew its position in Warner Bros. Discovery by 14.6% in the first quarter. EdgePoint Investment Group Inc. now owns 20,620,335 shares of the company’s stock worth $180,016,000 after acquiring an additional 2,621,582 shares during the period. Drexel Morgan & Co. increased its stake in Warner Bros. Discovery by 97.6% during the first quarter. Drexel Morgan & Co. now owns 4,600,463 shares of the company’s stock worth $40,162,000 after acquiring an additional 2,272,245 shares during the last quarter. Finally, Coronation Fund Managers Ltd. raised its position in Warner Bros. Discovery by 31.6% in the second quarter. Coronation Fund Managers Ltd. now owns 6,448,459 shares of the company’s stock valued at $47,977,000 after purchasing an additional 1,546,953 shares during the period. Hedge funds and other institutional investors own 59.95% of the company’s stock.

About Warner Bros. Discovery

Warner Bros. Discovery, Inc operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming.