Warner Bros. Discovery (NASDAQ:WBD) Stock Price Down 2.7%

Warner Bros. Discovery, Inc. (NASDAQ:WBD)’s share price fell 2.7% during mid-day trading on Monday . The company traded as low as $7.23 and last traded at $7.24. 3,973,872 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 27,787,646 shares. The stock had previously closed at $7.44.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WBD. Rosenblatt Securities raised Warner Bros. Discovery from a “sell” rating to a “neutral” rating and lifted their price target for the company from $7.00 to $10.00 in a report on Thursday, March 21st. Sanford C. Bernstein cut their price target on Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Benchmark reaffirmed a “buy” rating and issued a $20.00 price target on shares of Warner Bros. Discovery in a report on Monday, June 17th. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Warner Bros. Discovery in a report on Tuesday, May 28th. Finally, KeyCorp raised Warner Bros. Discovery from a “sector weight” rating to an “overweight” rating and set a $11.00 price target for the company in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.82.

Warner Bros. Discovery Price Performance

The company has a market capitalization of $17.62 billion, a price-to-earnings ratio of -5.84 and a beta of 1.50. The company has a 50-day moving average price of $7.86 and a 200-day moving average price of $9.08. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.82 and a current ratio of 0.82.

Warner Bros. Discovery (NASDAQ:WBD) last issued 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 during the quarter, compared to analyst estimates of $10.22 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Warner Bros. Discovery’s revenue for the quarter was down 6.9% compared to the same quarter last year. On average, equities research 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

Several institutional investors and hedge funds have recently modified their holdings of WBD. The Manufacturers Life Insurance Company boosted its position in Warner Bros. Discovery by 17.0% during the 4th 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 last quarter. EdgePoint Investment Group Inc. boosted its position in Warner Bros. Discovery by 14.6% during the 1st 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 last quarter. Norges Bank acquired a new position in Warner Bros. Discovery during the 4th quarter worth approximately $198,916,000. Boston Partners boosted its position in Warner Bros. Discovery by 9.9% during the 4th quarter. Boston Partners now owns 15,640,771 shares of the company’s stock worth $177,384,000 after acquiring an additional 1,414,952 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Warner Bros. Discovery by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,672,632 shares of the company’s stock worth $155,594,000 after acquiring an additional 575,123 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Company Profile

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.