Warner Bros. Discovery (NASDAQ:WBD) Downgraded by Sanford C. Bernstein

Sanford C. Bernstein downgraded shares of Warner Bros. Discovery (NASDAQ:WBD) from an outperform rating to a market perform rating in a report published on Tuesday morning, Marketbeat reports. The firm currently has $8.00 price objective on the stock, down from their prior price objective of $10.00.

Several other research firms also recently commented on WBD. Wolfe Research downgraded shares of Warner Bros. Discovery from a peer perform rating to an underperform rating and set a $7.00 target price on the stock. in a report on Tuesday, April 23rd. Benchmark decreased their price target on shares of Warner Bros. Discovery from $20.00 to $18.00 and set a buy rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a buy rating on the stock in a research note on Thursday, August 8th. KeyCorp upgraded shares of Warner Bros. Discovery from a sector weight rating to an overweight rating and set a $11.00 price target on the stock in a research note on Friday, May 10th. Finally, Moffett Nathanson decreased their price target on shares of Warner Bros. Discovery from $10.00 to $9.00 and set a neutral rating on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $11.25.

Warner Bros. Discovery Stock Up 4.0 %

WBD opened at $7.24 on Tuesday. The stock has a market cap of $17.74 billion, a price-to-earnings ratio of -5.83 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s fifty day moving average is $7.66 and its 200 day moving average is $8.31. Warner Bros. Discovery has a fifty-two week low of $6.64 and a fifty-two week high of $13.47.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing the consensus estimate of ($0.18) by ($3.89). Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business had revenue of $9.71 billion during the quarter, compared to analysts’ expectations of $10.07 billion. During the same quarter in the previous year, the firm earned ($0.51) earnings per share. Warner Bros. Discovery’s revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts forecast that Warner Bros. Discovery will post -0.44 earnings per share for the current fiscal year.

Institutional Trading of Warner Bros. Discovery

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sessa Capital IM L.P. grew its stake in Warner Bros. Discovery by 28.8% in the 2nd quarter. Sessa Capital IM L.P. now owns 22,784,883 shares of the company’s stock worth $169,520,000 after acquiring an additional 5,100,000 shares in the last quarter. Long Focus Capital Management LLC grew its stake in Warner Bros. Discovery by 308.9% in the 2nd quarter. Long Focus Capital Management LLC now owns 2,200,000 shares of the company’s stock worth $16,368,000 after acquiring an additional 1,662,000 shares in the last quarter. Mackenzie Financial Corp grew its stake in Warner Bros. Discovery by 1,216.7% in the 2nd quarter. Mackenzie Financial Corp now owns 3,009,558 shares of the company’s stock worth $22,391,000 after acquiring an additional 2,780,986 shares in the last quarter. MBB Public Markets I LLC grew its stake in Warner Bros. Discovery by 469.5% in the 2nd quarter. MBB Public Markets I LLC now owns 158,239 shares of the company’s stock worth $1,177,000 after acquiring an additional 130,455 shares in the last quarter. Finally, Daymark Wealth Partners LLC grew its stake in Warner Bros. Discovery by 64.3% in the 2nd quarter. Daymark Wealth Partners LLC now owns 27,415 shares of the company’s stock worth $204,000 after acquiring an additional 10,728 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.

About Warner Bros. Discovery

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.