Exchange Traded Concepts LLC decreased its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD – Free Report) by 45.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,314 shares of the company’s stock after selling 3,576 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Warner Bros. Discovery were worth $54,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Resources Investment Advisors LLC. lifted its holdings in shares of Warner Bros. Discovery by 20.8% in the 1st quarter. Resources Investment Advisors LLC. now owns 36,733 shares of the company’s stock worth $555,000 after purchasing an additional 6,316 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its stake in Warner Bros. Discovery by 4.1% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 27,954 shares of the company’s stock valued at $422,000 after acquiring an additional 1,105 shares in the last quarter. Summit Trail Advisors LLC raised its stake in Warner Bros. Discovery by 13.6% during the 1st quarter. Summit Trail Advisors LLC now owns 14,967 shares of the company’s stock valued at $226,000 after acquiring an additional 1,789 shares in the last quarter. Ballentine Partners LLC raised its stake in Warner Bros. Discovery by 11.7% during the 1st quarter. Ballentine Partners LLC now owns 14,731 shares of the company’s stock valued at $222,000 after acquiring an additional 1,541 shares in the last quarter. Finally, Drive Wealth Management LLC bought a new stake in Warner Bros. Discovery during the 1st quarter valued at $183,000. Institutional investors own 58.26% of the company’s stock.
Analyst Ratings Changes
Several analysts have weighed in on WBD shares. Sanford C. Bernstein started coverage on Warner Bros. Discovery in a research note on Thursday, October 5th. They set an “outperform” rating and a $19.00 target price on the stock. Rosenblatt Securities reaffirmed a “sell” rating and set a $10.00 target price on shares of Warner Bros. Discovery in a research note on Tuesday, September 5th. Wolfe Research cut Warner Bros. Discovery from an “outperform” rating to a “peer perform” rating in a research report on Friday, July 7th. Truist Financial reiterated a “buy” rating and set a $17.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, September 6th. Finally, Barclays lowered their price target on Warner Bros. Discovery from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.89.
Insider Activity at Warner Bros. Discovery
In other news, insider Gerhard Zeiler acquired 38,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average price of $14.09 per share, with a total value of $535,420.00. Following the completion of the transaction, the insider now owns 329,032 shares in the company, valued at $4,636,060.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.60% of the company’s stock.
Warner Bros. Discovery Stock Performance
Shares of WBD stock opened at $10.96 on Thursday. Warner Bros. Discovery, Inc. has a 1-year low of $8.82 and a 1-year high of $16.34. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $26.71 billion, a price-to-earnings ratio of -3.97 and a beta of 1.54. The stock’s fifty day simple moving average is $12.03 and its 200-day simple moving average is $12.68.
Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.12). Warner Bros. Discovery had a negative net margin of 16.04% and a positive return on equity of 1.27%. The business had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same quarter in the prior year, the firm posted ($0.11) EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -0.95 earnings per share for the current fiscal year.
Warner Bros. Discovery Company Profile
Warner Bros. Discovery, Inc, operates 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 lienses television programs to third parties and networks 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.
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