Cresset Asset Management LLC Lowers Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Cresset Asset Management LLC decreased its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 85.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,119 shares of the company's stock after selling 139,835 shares during the quarter. Cresset Asset Management LLC's holdings in Warner Bros. Discovery were worth $244,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Crestline Management LP purchased a new position in Warner Bros. Discovery in the 4th quarter worth $853,000. Blue Capital Inc. acquired a new stake in Warner Bros. Discovery during the 4th quarter worth about $256,000. Brevan Howard Capital Management LP acquired a new stake in Warner Bros. Discovery during the 4th quarter worth about $1,191,000. Bridgefront Capital LLC lifted its position in Warner Bros. Discovery by 18.5% during the 4th quarter. Bridgefront Capital LLC now owns 72,007 shares of the company's stock worth $761,000 after acquiring an additional 11,260 shares during the period. Finally, Captrust Financial Advisors lifted its position in Warner Bros. Discovery by 1.5% during the 4th quarter. Captrust Financial Advisors now owns 132,426 shares of the company's stock worth $1,400,000 after acquiring an additional 1,950 shares during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Barclays lifted their price target on Warner Bros. Discovery from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $13.00 price target on shares of Warner Bros. Discovery in a research report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $18.00 price target on shares of Warner Bros. Discovery in a research report on Wednesday, February 26th. Wells Fargo & Company lifted their price objective on Warner Bros. Discovery from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Finally, Morgan Stanley reduced their price objective 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. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $12.22.

Warner Bros. Discovery Price Performance

Shares of Warner Bros. Discovery stock traded down $0.02 during mid-day trading on Friday, reaching $9.00. 21,960,345 shares of the stock traded hands, compared to its average volume of 33,251,977. The business has a 50-day moving average of $9.06 and a 200 day moving average of $9.91. Warner Bros. Discovery, Inc. has a fifty-two week low of $6.64 and a fifty-two week high of $12.70. The stock has a market capitalization of $22.09 billion, a PE ratio of -1.97, a PEG ratio of 8.64 and a beta of 1.46. 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 - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The firm had revenue of $8.98 billion for the quarter, compared to analyst estimates of $9.66 billion. During the same period in the previous year, the company earned ($0.40) EPS. Warner Bros. Discovery's revenue was down 9.8% compared to the same quarter last year. On average, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insider Activity

In related news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $11.41 per share, with a total value of $197,917.86. Following the completion of the acquisition, the director now owns 159,932 shares in the company, valued at $1,824,824.12. This trade represents a 12.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.80% of the company's stock.

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.