Warner Bros. Discovery (NASDAQ:WBD) Shares Gap Down - Here's What Happened

Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $8.54, but opened at $8.18. Warner Bros. Discovery shares last traded at $8.47, with a volume of 8,017,388 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WBD. Raymond James reduced their price target on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, April 4th. Barrington Research reissued an "outperform" rating and set a $16.00 target price on shares of Warner Bros. Discovery in a research note on Wednesday, March 5th. Barclays reduced their target price on shares of Warner Bros. Discovery from $12.00 to $7.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company dropped their price objective on shares of Warner Bros. Discovery from $11.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 17th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Warner Bros. Discovery in a research report on Friday, February 28th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.07.

Warner Bros. Discovery Stock Up 6.3 %

The firm's 50-day moving average is $9.43 and its 200 day moving average is $9.80. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $22.34 billion, a price-to-earnings ratio of -1.99, a price-to-earnings-growth ratio of 8.64 and a beta of 1.46.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. During the same period in the prior year, the business earned ($0.40) earnings per share. Warner Bros. Discovery's revenue was down 9.8% compared to the same quarter last year. Sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Warner Bros. Discovery news, Director Piazza Samuel A. Jr. Di purchased 17,346 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the completion of the purchase, the director now directly owns 159,932 shares of the company's stock, valued at approximately $1,824,824.12. This represents a 12.17 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Warner Bros. Discovery

Institutional investors and hedge funds have recently made changes to their positions in the business. Colonial Trust Advisors grew its position in shares of Warner Bros. Discovery by 71.8% in the 4th quarter. Colonial Trust Advisors now owns 2,383 shares of the company's stock valued at $25,000 after acquiring an additional 996 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Warner Bros. Discovery in the fourth quarter worth $26,000. SRS Capital Advisors Inc. boosted its position in shares of Warner Bros. Discovery by 313.4% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,559 shares of the company's stock worth $27,000 after acquiring an additional 1,940 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Warner Bros. Discovery during the 1st quarter valued at approximately $27,000. Finally, Graney & King LLC acquired a new position in shares of Warner Bros. Discovery in the fourth quarter valued at approximately $28,000. Institutional investors own 59.95% of the company's stock.

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.