Warner Bros. Discovery, Inc. $WBD Shares Bought by Penserra Capital Management LLC

Key Points

• Penserra Capital Management dramatically increased its stake in Warner Bros. Discovery by 29,882.6%, owning 62,064 shares after buying 61,857 more during Q2, a position valued at about $710,000.
• Warner Bros. Discovery recently missed earnings (EPS of -$0.06 vs. -$0.04 estimate) and reported revenue of $9.05 billion, down 6% year-over-year, while analysts hold an average rating of "Moderate Buy" with a mean price target of $21.78.
• Insider selling has been material—CFO Gunnar Wiedenfels sold 222,210 shares and insiders disposed of about 1,192,325 shares (~$22.8 million) in the past 90 days, with corporate insiders now owning 1.90% of the company.

Penserra Capital Management LLC lifted its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 29,882.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,064 shares of the company's stock after buying an additional 61,857 shares during the quarter. Penserra Capital Management LLC's holdings in Warner Bros. Discovery were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC grew its holdings in Warner Bros. Discovery by 304.9% during the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock worth $729,000 after acquiring an additional 51,920 shares in the last quarter. Brown Advisory Inc. grew its stake in Warner Bros. Discovery by 10.5% in the first quarter. Brown Advisory Inc. now owns 64,832 shares of the company's stock worth $696,000 after purchasing an additional 6,165 shares in the last quarter. Cerity Partners LLC increased its holdings in Warner Bros. Discovery by 2.2% in the first quarter. Cerity Partners LLC now owns 251,582 shares of the company's stock valued at $2,699,000 after buying an additional 5,377 shares during the last quarter. Ballentine Partners LLC acquired a new stake in Warner Bros. Discovery during the first quarter valued at approximately $170,000. Finally, CWM LLC lifted its holdings in Warner Bros. Discovery by 9.8% during the 1st quarter. CWM LLC now owns 74,248 shares of the company's stock worth $797,000 after buying an additional 6,601 shares during the last quarter. Institutional investors own 59.95% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WBD. Sanford C. Bernstein boosted their price target on Warner Bros. Discovery from $16.00 to $23.50 in a report on Friday, November 7th. KeyCorp reiterated a "sector weight" rating on shares of Warner Bros. Discovery in a research note on Friday, September 26th. Weiss Ratings cut shares of Warner Bros. Discovery from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday. Arete Research raised shares of Warner Bros. Discovery to a "strong-buy" rating in a report on Tuesday, October 28th. Finally, Redburn Partners set a $28.00 price objective on shares of Warner Bros. Discovery in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.78.

Warner Bros. Discovery Stock Performance

Shares of WBD stock opened at $23.05 on Wednesday. Warner Bros. Discovery, Inc. has a 12-month low of $7.52 and a 12-month high of $23.19. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $57.07 billion, a price-to-earnings ratio of 76.84, a price-to-earnings-growth ratio of 2.56 and a beta of 1.73. The business has a 50 day simple moving average of $18.90 and a 200 day simple moving average of $13.70.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its 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 business had revenue of $9.05 billion for the quarter, compared to the consensus estimate of $9.17 billion. During the same period in the previous year, the firm earned $0.05 EPS. The firm's revenue was down 6.0% on a year-over-year basis. On average, equities research analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

Insider Activity

In related news, CFO Gunnar Wiedenfels sold 222,210 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $22.50, for a total value of $4,999,725.00. Following the completion of the transaction, the chief financial officer owned 918,940 shares in the company, valued at $20,676,150. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bruce Campbell sold 150,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the transaction, the insider directly owned 252,464 shares in the company, valued at approximately $4,544,352. The trade was a 37.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,192,325 shares of company stock valued at $22,818,215 in the last ninety days. Corporate insiders own 1.90% 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.

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