Warner Bros. Discovery, Inc. (NASDAQ:WBD) Shares Sold by Hedges Asset Management LLC

Hedges Asset Management LLC lessened its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 28.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,000 shares of the company’s stock after selling 31,000 shares during the quarter. Hedges Asset Management LLC’s holdings in Warner Bros. Discovery were worth $644,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Crewe Advisors LLC acquired a new position in shares of Warner Bros. Discovery during the first quarter valued at $27,000. Family Firm Inc. acquired a new position in shares of Warner Bros. Discovery during the second quarter valued at $26,000. OFI Invest Asset Management boosted its holdings in shares of Warner Bros. Discovery by 45.9% during the second quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock valued at $27,000 after acquiring an additional 1,221 shares during the period. Transcendent Capital Group LLC boosted its holdings in shares of Warner Bros. Discovery by 665.4% during the first quarter. Transcendent Capital Group LLC now owns 4,003 shares of the company’s stock valued at $35,000 after acquiring an additional 3,480 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Warner Bros. Discovery during the first quarter valued at $39,000. Institutional investors and hedge funds own 59.95% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on WBD shares. The Goldman Sachs Group upped their price objective on shares of Warner Bros. Discovery from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Warner Bros. Discovery in a report on Thursday, October 10th. Wells Fargo & Company reduced their price objective on shares of Warner Bros. Discovery from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Warner Bros. Discovery from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Barclays reduced their price objective on shares of Warner Bros. Discovery from $9.00 to $8.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Warner Bros. Discovery has a consensus rating of “Hold” and an average target price of $10.66.

Warner Bros. Discovery Trading Up 1.1 %

Shares of NASDAQ WBD opened at $7.60 on Monday. The stock has a market cap of $18.62 billion, a price-to-earnings ratio of -6.13 and a beta of 1.48. The business has a 50 day simple moving average of $7.82 and a 200 day simple moving average of $7.83. Warner Bros. Discovery, Inc. has a 52 week low of $6.64 and a 52 week high of $12.70. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.76 and a current ratio of 0.76.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.07) EPS for the quarter, missing the consensus estimate of ($0.18) by ($3.89). The firm had revenue of $9.71 billion during the quarter, compared to the consensus estimate of $10.07 billion. Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.51) EPS. On average, research analysts predict that Warner Bros. Discovery, Inc. will post -4.47 earnings per share for the current fiscal year.

Warner Bros. Discovery 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.