Warner Bros. Discovery (NASDAQ:WBD) Sets New 12-Month High After Analyst Upgrade

Key Points

• Warner Bros. Discovery shares hit a new 52-week high after Moffett Nathanson upgraded their price target from $14.00 to $23.00, currently maintaining a buy rating on the stock.
• The stock has experienced significant insider buying, with Director Anton J. Levy acquiring 75,000 shares at an average price of $11.00, representing an 8.58% increase in ownership.
• Despite the recent positive developments, the average analyst rating for Warner Bros. Discovery stock is currently a "Hold" with an average price target of $13.96.

Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday after Moffett Nathanson raised their price target on the stock from $14.00 to $23.00. Moffett Nathanson currently has a buy rating on the stock. Warner Bros. Discovery traded as high as $19.70 and last traded at $19.62, with a volume of 6560447 shares changing hands. The stock had previously closed at $19.33.

WBD has been the topic of a number of other research reports. Sanford C. Bernstein lifted their price target on shares of Warner Bros. Discovery from $13.00 to $16.00 and gave the stock a "market perform" rating in a report on Monday. Raymond James Financial decreased their target price on Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. TD Cowen reaffirmed a "hold" rating and set a $14.00 price target on shares of Warner Bros. Discovery in a research report on Tuesday, September 16th. Barclays lifted their price objective on Warner Bros. Discovery from $9.00 to $13.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Finally, Barrington Research restated an "outperform" rating and issued a $16.00 price objective on shares of Warner Bros. Discovery in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $13.96.

Insider Activity

In related news, Director Anton J. Levy bought 75,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average cost of $11.00 per share, for a total transaction of $825,000.00. Following the completion of the transaction, the director owned 949,000 shares of the company's stock, valued at approximately $10,439,000. The trade was a 8.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 value of $2,700,000.00. Following the sale, the insider owned 252,464 shares in the company, valued at $4,544,352. The trade was a 37.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 970,115 shares of company stock worth $17,818,490. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Warner Bros. Discovery

Several hedge funds and other institutional investors have recently bought and sold shares of the company. WPG Advisers LLC purchased a new position in shares of Warner Bros. Discovery during the first quarter worth approximately $26,000. Financial Gravity Asset Management Inc. purchased a new position in Warner Bros. Discovery in the 1st quarter worth $27,000. North Capital Inc. purchased a new position in Warner Bros. Discovery in the 1st quarter worth $28,000. Smallwood Wealth Investment Management LLC bought a new stake in Warner Bros. Discovery in the first quarter worth $29,000. Finally, Financial Gravity Companies Inc. purchased a new stake in Warner Bros. Discovery during the second quarter valued at about $29,000. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Stock Up 1.6%

The stock has a market capitalization of $48.61 billion, a P/E ratio of 65.45, a PEG ratio of 2.58 and a beta of 1.59. The stock has a 50 day moving average price of $13.28 and a 200-day moving average price of $10.98. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 1.04.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.79. The company 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%.Warner Bros. Discovery's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($4.07) EPS. As a group, research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal 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.