Warner Bros. Discovery (NASDAQ:WBD) Trading 6.8% Higher – Here’s Why

Warner Bros. Discovery, Inc. (NASDAQ:WBD)’s share price shot up 6.8% during trading on Wednesday . The company traded as high as $9.89 and last traded at $9.85. 31,720,379 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 29,266,477 shares. The stock had previously closed at $9.22.

Analysts Set New Price Targets

A number of research firms recently commented on WBD. Needham & Company LLC reaffirmed a “hold” rating on shares of Warner Bros. Discovery in a research note on Thursday, October 10th. Sanford C. Bernstein lowered Warner Bros. Discovery from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $10.00 to $8.00 in a research note on Tuesday, August 13th. Barrington Research reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Warner Bros. Discovery in a research note on Thursday, November 7th. Moffett Nathanson cut their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Raymond James lifted their target price on Warner Bros. Discovery from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.55.

Warner Bros. Discovery Price Performance

The company has a market capitalization of $23.83 billion, a price-to-earnings ratio of -2.16 and a beta of 1.48. The business has a 50-day moving average price of $7.97 and a two-hundred day moving average price of $7.84. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. The business had revenue of $9.62 billion during the quarter, compared to analyst estimates of $9.79 billion. Warner Bros. Discovery had a negative return on equity of 27.56% and a negative net margin of 28.34%. Warner Bros. Discovery’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) EPS. As a group, research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.41 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. OFI Invest Asset Management boosted its position in shares of Warner Bros. Discovery by 45.9% during the second quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock valued at $27,000 after purchasing an additional 1,221 shares in the last quarter. Commerce Bank grew its position in shares of Warner Bros. Discovery by 2.4% during the 3rd quarter. Commerce Bank now owns 55,963 shares of the company’s stock valued at $462,000 after acquiring an additional 1,286 shares during the period. GAM Holding AG boosted its holdings in shares of Warner Bros. Discovery by 0.3% during the 3rd quarter. GAM Holding AG now owns 457,685 shares of the company’s stock worth $3,776,000 after purchasing an additional 1,437 shares during the last quarter. Waldron Private Wealth LLC raised its position in Warner Bros. Discovery by 5.4% in the third quarter. Waldron Private Wealth LLC now owns 28,348 shares of the company’s stock valued at $234,000 after purchasing an additional 1,461 shares during the period. Finally, PFG Investments LLC raised its position in Warner Bros. Discovery by 1.4% in the third quarter. PFG Investments LLC now owns 112,307 shares of the company’s stock valued at $927,000 after purchasing an additional 1,517 shares during the period. Institutional investors own 59.95% of the company’s stock.

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.