Bryce Point Capital LLC Sells 36,783 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• Bryce Point Capital LLC reduced its holdings in Warner Bros. Discovery by 77.4%, selling 36,783 shares during the first quarter, and is left with 10,770 shares valued at $113,000.
• Warner Bros. Discovery reported a loss of ($0.18) earnings per share, missing analysts' estimates, with revenues down 9.8% year-over-year at $8.98 billion.
• Institutional investors currently own 59.95% of Warner Bros. Discovery's stock, with various hedge funds increasing their stakes in recent quarters.

Bryce Point Capital LLC lowered its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 77.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,770 shares of the company's stock after selling 36,783 shares during the period. Bryce Point Capital LLC's holdings in Warner Bros. Discovery were worth $113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WBD. Prudential PLC increased its holdings in shares of Warner Bros. Discovery by 31.1% during the 4th quarter. Prudential PLC now owns 135,163 shares of the company's stock valued at $1,429,000 after acquiring an additional 32,102 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Warner Bros. Discovery during the fourth quarter valued at approximately $4,914,000. Polar Asset Management Partners Inc. acquired a new position in Warner Bros. Discovery during the fourth quarter valued at approximately $3,022,000. Hi Line Capital Management LLC raised its position in shares of Warner Bros. Discovery by 17.8% in the first quarter. Hi Line Capital Management LLC now owns 597,478 shares of the company's stock valued at $6,411,000 after purchasing an additional 90,462 shares during the period. Finally, Norges Bank acquired a new stake in shares of Warner Bros. Discovery in the fourth quarter worth $362,210,000. Institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Price Performance

NASDAQ:WBD traded up $0.21 during mid-day trading on Monday, hitting $13.70. The company's stock had a trading volume of 97,024,778 shares, compared to its average volume of 72,306,728. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average of $10.85 and a 200-day moving average of $10.12. The company has a market capitalization of $33.63 billion, a price-to-earnings ratio of -3.11 and a beta of 1.54. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $13.87.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $8.98 billion during the quarter, compared to analyst estimates of $9.66 billion. Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. The company's quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.40) earnings per share. As a group, equities analysts forecast that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on WBD shares. Bank of America lifted their target price on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. UBS Group lifted their price objective on Warner Bros. Discovery from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Huber Research raised Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a research report on Monday, June 9th. Morgan Stanley decreased their target price on Warner Bros. Discovery from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Twelve investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.41.

Warner Bros. Discovery 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.