Warner Bros. Discovery (NASDAQ:WBD) Sets New 12-Month High – Here’s What Happened

Warner Bros. Discovery, Inc. (NASDAQ:WBD) hit a new 52-week high on Tuesday . The company traded as high as $23.19 and last traded at $22.9970, with a volume of 3530240 shares. The stock had previously closed at $22.98.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WBD. The Goldman Sachs Group increased their price objective on Warner Bros. Discovery from $13.00 to $14.75 and gave the company a “buy” rating in a research report on Friday. Argus set a $27.00 target price on Warner Bros. Discovery in a report on Tuesday, October 28th. Bank of America boosted their target price on Warner Bros. Discovery from $16.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Seaport Global Securities increased their price objective on shares of Warner Bros. Discovery from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Finally, Cowen downgraded shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.78.

Warner Bros. Discovery Trading Down 0.2%

The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50 day simple moving average of $18.67 and a two-hundred day simple moving average of $13.60. The firm has a market cap of $56.81 billion, a PE ratio of 76.49, a P/E/G ratio of 2.56 and a beta of 1.73.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The company had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $9.17 billion. During the same quarter in the prior year, the business posted $0.05 earnings per share. The firm’s revenue was down 6.0% compared to the same quarter last year. Analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Insider Buying and Selling at Warner Bros. Discovery

In related news, CFO Gunnar Wiedenfels sold 530,793 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $19.50, for a total value of $10,350,463.50. Following the sale, the chief financial officer directly owned 1,141,150 shares in the company, valued at approximately $22,252,425. The trade was a 31.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Campbell sold 289,322 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $16.48, for a total value of $4,768,026.56. Following the completion of the sale, the insider owned 402,464 shares in the company, valued at $6,632,606.72. This represents a 41.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,192,325 shares of company stock worth $22,818,215. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WBD. WPG Advisers LLC acquired a new stake in shares of Warner Bros. Discovery in the first quarter valued at about $26,000. Concord Wealth Partners boosted its stake in shares of Warner Bros. Discovery by 49.9% during the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 440 shares during the last quarter. Physician Wealth Advisors Inc. grew its stake in Warner Bros. Discovery by 152.1% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company’s stock worth $27,000 after acquiring an additional 847 shares during the period. Financial Gravity Companies Inc. acquired a new position in Warner Bros. Discovery in the second quarter valued at $29,000. Finally, Grove Bank & Trust lifted its holdings in shares of Warner Bros. Discovery by 66.5% during the 3rd quarter. Grove Bank & Trust now owns 1,690 shares of the company’s stock worth $33,000 after acquiring an additional 675 shares during the period. 59.95% of the stock is currently owned by institutional investors and hedge funds.

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.