Warner Bros. Discovery (NASDAQ:WBD) Director Sells $5,646,000.00 in Stock

Key Points

• Director Kenneth Lowe sold 200,000 Warner Bros. Discovery shares at an average price of $28.23, generating $5.646 million and reducing his direct ownership by 25.31% to 590,108 shares.
• WBD shares recently traded at $28.04, near the upper end of their 12-month range of $17.08 to $30.00. The company’s latest quarter beat EPS expectations but missed revenue estimates, with revenue declining 11.2% year over year.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $27.69; institutional investors own approximately 59.95% of the stock.

Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) Director Kenneth Lowe sold 200,000 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $28.23, for a total transaction of $5,646,000.00. Following the sale, the director directly owned 590,108 shares of the company's stock, valued at $16,658,748.84. The trade was a 25.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Warner Bros. Discovery Price Performance

Shares of NASDAQ WBD traded down $0.16 during trading hours on Friday, hitting $28.04. The company's stock had a trading volume of 12,963,177 shares, compared to its average volume of 16,579,190. Warner Bros. Discovery, Inc. has a 12 month low of $17.08 and a 12 month high of $30.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.90. The business has a 50-day simple moving average of $27.23 and a 200-day simple moving average of $27.24.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.20. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $9.25 billion. Warner Bros. Discovery had a negative return on equity of 8.91% and a negative net margin of 8.77%.The firm's revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, analysts forecast that Warner Bros. Discovery, Inc. will post -1.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Warner Bros. Discovery

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Investment Advisory LLC raised its holdings in Warner Bros. Discovery by 111.2% during the 2nd quarter. Harbor Investment Advisory LLC now owns 942 shares of the company's stock valued at $25,000 after buying an additional 496 shares during the period. Field & Main Bank purchased a new stake in Warner Bros. Discovery in the 2nd quarter valued at about $26,000. Swiss RE Ltd. purchased a new stake in shares of Warner Bros. Discovery in the fourth quarter valued at approximately $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Warner Bros. Discovery by 64.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,009 shares of the company's stock worth $27,000 after buying an additional 395 shares during the period. Finally, Archer Investment Corp bought a new position in Warner Bros. Discovery during the 2nd quarter worth about $27,000. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on WBD shares. Huber Research upgraded shares of Warner Bros. Discovery from an "underweight" rating to an "overweight" rating in a report on Monday, June 1st. Seaport Research Partners cut Warner Bros. Discovery from a "buy" rating to a "neutral" rating in a research note on Monday, July 27th. Freedom Capital upgraded shares of Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Zacks Research upgraded Warner Bros. Discovery from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Finally, Weiss Ratings upgraded Warner Bros. Discovery from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $27.69.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery, Inc is a global media and entertainment company that develops, produces and distributes television, film and digital content. Its portfolio includes Warner Bros. film and television studios, HBO, CNN, Discovery, TLC, HGTV, Food Network, TNT Sports and other well-known brands.

The company operates streaming services including Max, which features HBO programming, Warner Bros. films, original series and other entertainment content, and discovery+, which focuses on lifestyle, documentary and nonfiction programming.

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