Kovack Advisors Inc. Has $335,000 Stock Position in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Key Points

• Kovack Advisors Inc. has reduced its stake in Warner Bros. Discovery by 56%, now owning 31,196 shares worth approximately $335,000.
• Warner Bros. Discovery reported a loss of $0.18 EPS for the last quarter, missing estimates and indicating a negative revenue decline of 9.8% year-over-year.
• Analysts have a moderate buy rating for Warner Bros. Discovery, with the average target price set at $12.41, following several upgrades and price target adjustments by various firms.

Kovack Advisors Inc. reduced its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 56.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,196 shares of the company's stock after selling 39,766 shares during the quarter. Kovack Advisors Inc.'s holdings in Warner Bros. Discovery were worth $335,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of WBD. Colonial Trust Advisors grew its holdings in Warner Bros. Discovery by 71.8% in the fourth quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock worth $25,000 after purchasing an additional 996 shares during the period. Flagship Harbor Advisors LLC lifted its position in Warner Bros. Discovery by 9.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 14,955 shares of the company's stock valued at $160,000 after acquiring an additional 1,318 shares in the last quarter. Bessemer Group Inc. lifted its position in Warner Bros. Discovery by 11.4% in the 4th quarter. Bessemer Group Inc. now owns 13,047 shares of the company's stock valued at $139,000 after acquiring an additional 1,338 shares in the last quarter. CX Institutional lifted its position in Warner Bros. Discovery by 5.7% in the 1st quarter. CX Institutional now owns 27,324 shares of the company's stock valued at $293,000 after acquiring an additional 1,465 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in Warner Bros. Discovery by 9.0% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 18,825 shares of the company's stock worth $202,000 after acquiring an additional 1,561 shares during the last quarter. 59.95% of the stock is owned by institutional investors and hedge funds.

Warner Bros. Discovery Stock Down 0.1%

Shares of NASDAQ WBD opened at $13.49 on Friday. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $13.68. The business has a 50-day simple moving average of $10.85 and a two-hundred day simple moving average of $10.12. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.99. The company has a market cap of $33.11 billion, a P/E ratio of -3.07 and a beta of 1.54.

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

Analysts Set New Price Targets

WBD has been the topic of a number of analyst reports. Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a report on Tuesday, June 10th. Wells Fargo & Company lifted their target price on Warner Bros. Discovery from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 2nd. Argus upgraded shares of Warner Bros. Discovery to a "hold" rating in a report on Tuesday, May 27th. Barrington Research restated an "outperform" rating and set a $16.00 price objective on shares of Warner Bros. Discovery in a report on Monday, June 9th. Finally, Bank of America raised their price target on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Twelve equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $12.41.

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.

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