Kovack Advisors Inc. Sells 39,766 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Kovack Advisors Inc. lessened its holdings in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 56.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,196 shares of the company’s stock after selling 39,766 shares during the quarter. Kovack Advisors Inc.’s holdings in Warner Bros. Discovery were worth $335,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Colonial Trust Advisors lifted its position in Warner Bros. Discovery by 71.8% in the 4th quarter. Colonial Trust Advisors now owns 2,383 shares of the company’s stock worth $25,000 after buying an additional 996 shares during the last quarter. Flagship Harbor Advisors LLC raised its position in Warner Bros. Discovery by 9.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 14,955 shares of the company’s stock worth $160,000 after purchasing an additional 1,318 shares during the period. Bessemer Group Inc. boosted its position in Warner Bros. Discovery by 11.4% during the fourth quarter. Bessemer Group Inc. now owns 13,047 shares of the company’s stock valued at $139,000 after buying an additional 1,338 shares during the period. CX Institutional boosted its position in Warner Bros. Discovery by 5.7% during the first quarter. CX Institutional now owns 27,324 shares of the company’s stock valued at $293,000 after buying an additional 1,465 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its position in Warner Bros. Discovery by 9.0% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 18,825 shares of the company’s stock valued at $202,000 after buying an additional 1,561 shares during the period. Institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

WBD has been the subject of several analyst reports. UBS Group upped their price target on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Guggenheim reiterated a “buy” rating on shares of Warner Bros. Discovery in a research report on Tuesday, June 10th. Wells Fargo & Company boosted their price objective on Warner Bros. Discovery from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 2nd. Raymond James Financial lowered their price objective on Warner Bros. Discovery from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, April 4th. Finally, Morgan Stanley lowered their price objective on Warner Bros. Discovery from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 6th. Twelve investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.41.

Warner Bros. Discovery Price Performance

Shares of WBD stock opened at $13.49 on Friday. The stock has a market cap of $33.11 billion, a price-to-earnings ratio of -3.07 and a beta of 1.54. The business’s fifty day moving average is $10.85 and its 200 day moving average is $10.12. Warner Bros. Discovery, Inc. has a twelve month low of $6.64 and a twelve month high of $13.68. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.99.

Warner Bros. Discovery (NASDAQ:WBD) last issued its quarterly earnings results 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). The firm had revenue of $8.98 billion during the quarter, compared to analysts’ expectations of $9.66 billion. Warner Bros. Discovery had a negative return on equity of 30.56% and a negative net margin of 28.16%. Warner Bros. Discovery’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.40) earnings per share. Research analysts expect that Warner Bros. Discovery, Inc. will post -4.33 EPS for the current fiscal year.

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.