CM Management LLC Purchases 80,000 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• CM Management LLC significantly increased its stake in Warner Bros. Discovery by 114.3%, acquiring an additional 80,000 shares in the first quarter, bringing its total to 150,000 shares.
• Warner Bros. Discovery was rated with a consensus of “Moderate Buy” and has an average price target of $12.66, reflecting mixed analyst ratings ranging from "buy" to "hold."
• The company reported a loss of $0.18 per share for the last quarter, falling short of estimates, and experienced a 9.8% decrease in revenue year-over-year.

CM Management LLC lifted its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 114.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the company's stock after purchasing an additional 80,000 shares during the quarter. Warner Bros. Discovery accounts for about 1.6% of CM Management LLC's holdings, making the stock its 28th largest holding. CM Management LLC's holdings in Warner Bros. Discovery were worth $1,610,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Colonial Trust Advisors boosted its holdings in Warner Bros. Discovery by 71.8% during the 4th quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock valued at $25,000 after acquiring an additional 996 shares during the period. Financial Gravity Asset Management Inc. bought a new stake in Warner Bros. Discovery in the first quarter valued at approximately $27,000. North Capital Inc. purchased a new stake in shares of Warner Bros. Discovery during the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Warner Bros. Discovery in the first quarter worth approximately $29,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Warner Bros. Discovery in the fourth quarter worth $30,000. 59.95% of the stock is currently owned by institutional investors.

Warner Bros. Discovery Stock Down 7.3%

WBD traded down $0.93 during midday trading on Thursday, reaching $11.86. The company's stock had a trading volume of 57,439,488 shares, compared to its average volume of 78,444,912. Warner Bros. Discovery, Inc. has a 1 year low of $6.64 and a 1 year high of $13.86. The stock's 50-day moving average is $11.50 and its 200-day moving average is $10.32. The firm has a market capitalization of $29.11 billion, a price-to-earnings ratio of -2.70 and a beta of 1.57. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.99.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.76. The firm had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.73 billion. Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. The business's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($4.07) EPS. As a group, research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on WBD shares. Huber Research raised shares of Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a research report on Monday, June 9th. Citigroup dropped their target price on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Barclays boosted their price target on Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Barrington Research reiterated an "outperform" rating and issued a $16.00 price objective on shares of Warner Bros. Discovery in a report on Wednesday, July 30th. Finally, Bank of America boosted their target price on Warner Bros. Discovery from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Twelve analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.81.

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.