Warner Bros. Discovery (NASDAQ:WBD) Hits New 52-Week High After Analyst Upgrade

Key Points

• Warner Bros. Discovery shares hit a new 52-week high of $17.24 following an upgrade by Wells Fargo, which raised its price target to $14.00.
• Institutional investors and hedge funds hold 59.95% of Warner Bros. Discovery’s stock, indicating strong institutional interest in the company.
• The company reported a quarterly earnings EPS of $0.63, significantly exceeding the consensus estimate of ($0.16) and showing a year-over-year revenue increase of 1.0% to $9.81 billion.

Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) shares reached a new 52-week high on Friday after Wells Fargo & Company raised their price target on the stock from $13.00 to $14.00. Wells Fargo & Company currently has an equal weight rating on the stock. Warner Bros. Discovery traded as high as $17.24 and last traded at $16.17, with a volume of 297420347 shares changing hands. The stock had previously closed at $12.54.

A number of other brokerages also recently issued reports on WBD. Huber Research raised shares of Warner Bros. Discovery from a "strong sell" rating to a "strong-buy" rating in a report on Monday, June 9th. Bank of America increased their price target on shares of Warner Bros. Discovery from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Benchmark reissued a "buy" rating and issued a $18.00 price target on shares of Warner Bros. Discovery in a report on Monday, July 14th. Citigroup lowered their target price on shares of Warner Bros. Discovery from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Finally, Barclays raised their target price on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $13.20.

Insider Buying and Selling

In other Warner Bros. Discovery news, Director Anton J. Levy purchased 75,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $11.00 per share, with a total value of $825,000.00. Following the completion of the purchase, the director directly owned 949,000 shares of the company's stock, valued at $10,439,000. The trade was a 8.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Trading of Warner Bros. Discovery

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. WPG Advisers LLC purchased a new stake in Warner Bros. Discovery in the first quarter worth $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Warner Bros. Discovery in the first quarter worth $27,000. Financial Gravity Companies Inc. purchased a new position in Warner Bros. Discovery during the second quarter valued at $29,000. North Capital Inc. purchased a new position in Warner Bros. Discovery during the first quarter valued at $28,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Warner Bros. Discovery during the first quarter valued at $29,000. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Price Performance

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 cap of $40.03 billion, a PE ratio of 53.90, a price-to-earnings-growth ratio of 1.67 and a beta of 1.59. The firm has a 50-day simple moving average of $12.24 and a 200 day simple moving average of $10.60.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of ($0.16) by $0.79. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.73 billion. Warner Bros. Discovery had a return on equity of 2.14% and a net margin of 2.00%.The company's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted ($4.07) earnings per share. As a group, equities analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current year.

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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