Moffett Nathanson Boosts Warner Bros. Discovery (NASDAQ:WBD) Price Target to $23.00

Warner Bros. Discovery (NASDAQ:WBD) had its price target raised by Moffett Nathanson from $14.00 to $23.00 in a research note published on Monday,MarketScreener reports. Moffett Nathanson currently has a buy rating on the stock.

Several other research firms have also issued reports on WBD. Wells Fargo & Company lifted their price target on shares of Warner Bros. Discovery from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Barrington Research reaffirmed an “outperform” rating and issued a $16.00 price target on shares of Warner Bros. Discovery in a report on Wednesday, July 30th. Cowen lowered shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. 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. Finally, Barclays lifted their price target on shares of Warner Bros. Discovery from $9.00 to $13.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $13.96.

Warner Bros. Discovery Price Performance

NASDAQ WBD opened at $19.82 on Monday. The firm’s fifty day simple moving average is $13.57 and its two-hundred day simple moving average is $11.10. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery has a 12-month low of $7.25 and a 12-month high of $20.12. The firm has a market capitalization of $49.07 billion, a P/E ratio of 66.07, a P/E/G ratio of 2.61 and a beta of 1.59.

Warner Bros. Discovery (NASDAQ:WBD) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.79. Warner Bros. Discovery had a net margin of 2.00% and a return on equity of 2.14%. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the company earned ($4.07) earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts forecast that Warner Bros. Discovery will post -4.33 EPS for the current fiscal year.

Insider Activity

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 530,793 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $19.50, for a total value of $10,350,463.50. Following the sale, the chief financial officer directly owned 1,141,150 shares of the company’s stock, valued at approximately $22,252,425. This represents a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bruce Campbell sold 150,000 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the insider directly owned 252,464 shares in the company, valued at approximately $4,544,352. The trade was a 37.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 970,115 shares of company stock valued at $17,818,490 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Warner Bros. Discovery

Several hedge funds have recently added to or reduced their stakes in WBD. Norges Bank purchased a new stake in Warner Bros. Discovery in the second quarter valued at $306,848,000. Independent Franchise Partners LLP purchased a new stake in Warner Bros. Discovery in the first quarter valued at $140,224,000. Nuveen LLC purchased a new stake in Warner Bros. Discovery in the first quarter valued at $96,971,000. Sound Shore Management Inc CT acquired a new position in shares of Warner Bros. Discovery in the second quarter worth about $97,951,000. Finally, Maverick Capital Ltd. acquired a new position in shares of Warner Bros. Discovery in the second quarter worth about $77,896,000. 59.95% of the stock is owned by hedge funds and other institutional investors.

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.