Warner Bros. Discovery (NASDAQ:WBD) Trading Down 3.9% – Here’s What Happened

Warner Bros. Discovery, Inc. (NASDAQ:WBD) fell 3.9% during trading on Tuesday . The company traded as low as $9.07 and last traded at $9.10. 2,003,650 shares were traded during mid-day trading, a decline of 93% from the average session volume of 29,284,037 shares. The stock had previously closed at $9.47.

Wall Street Analyst Weigh In

WBD has been the topic of a number of recent analyst reports. Evercore ISI dropped their price target on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company reduced their price target on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Barrington Research restated an “outperform” rating and issued a $12.00 price target on shares of Warner Bros. Discovery in a report on Thursday, November 7th. Sanford C. Bernstein cut Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $10.00 to $8.00 in a report on Tuesday, August 13th. Finally, Raymond James upped their target price on Warner Bros. Discovery from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.55.

Warner Bros. Discovery Trading Up 0.6 %

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day simple moving average is $8.10 and its 200 day simple moving average is $7.88.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. The firm had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $9.79 billion. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. Warner Bros. Discovery’s revenue for the quarter was down 3.6% compared to the same quarter last year. Sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Warner Bros. Discovery

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. lifted its holdings in Warner Bros. Discovery by 29.3% in the first quarter. Sei Investments Co. now owns 521,613 shares of the company’s stock worth $4,554,000 after purchasing an additional 118,278 shares during the period. Blair William & Co. IL lifted its holdings in Warner Bros. Discovery by 31.0% in the 1st quarter. Blair William & Co. IL now owns 83,664 shares of the company’s stock valued at $730,000 after acquiring an additional 19,776 shares during the last quarter. TIAA Trust National Association raised its holdings in shares of Warner Bros. Discovery by 6.7% in the 1st quarter. TIAA Trust National Association now owns 27,735 shares of the company’s stock worth $242,000 after purchasing an additional 1,753 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Warner Bros. Discovery during the first quarter valued at approximately $511,000. Finally, O Shaughnessy Asset Management LLC grew its holdings in shares of Warner Bros. Discovery by 6.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 67,339 shares of the company’s stock worth $588,000 after acquiring an additional 3,984 shares during the last quarter. Institutional investors and hedge funds 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.