Warner Bros. Discovery (NASDAQ:WBD) Price Target Cut to $8.00

Warner Bros. Discovery (NASDAQ:WBD) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $10.00 to $8.00 in a report released on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 17.82% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. Sanford C. Bernstein reduced their target price on shares of Warner Bros. Discovery from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Wolfe Research downgraded shares of Warner Bros. Discovery from a “peer perform” rating to an “underperform” rating and set a $7.00 price objective for the company. in a research note on Tuesday, April 23rd. Benchmark dropped their target price on shares of Warner Bros. Discovery from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday. Evercore ISI dropped their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Moffett Nathanson dropped their target price on shares of Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Warner Bros. Discovery has a consensus rating of “Hold” and an average target price of $11.39.

Warner Bros. Discovery Price Performance

WBD traded down $0.24 during midday trading on Friday, hitting $6.79. The company had a trading volume of 20,281,367 shares, compared to its average volume of 28,719,188. 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 company has a market capitalization of $16.64 billion, a PE ratio of -5.67 and a beta of 1.49. Warner Bros. Discovery has a twelve month low of $6.72 and a twelve month high of $13.81. The firm’s 50-day simple moving average is $7.74 and its 200-day simple moving average is $8.37.

Warner Bros. Discovery (NASDAQ:WBD) last issued its 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 business had revenue of $9.71 billion for the quarter, compared to the consensus estimate of $10.07 billion. Warner Bros. Discovery had a negative net margin of 7.45% and a negative return on equity of 6.58%. The business’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.51) EPS. Equities research analysts predict that Warner Bros. Discovery will post -0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC lifted its holdings in Warner Bros. Discovery by 17.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 118,209 shares of the company’s stock valued at $872,000 after purchasing an additional 17,944 shares during the last quarter. Elkhorn Partners Limited Partnership lifted its holdings in Warner Bros. Discovery by 10.5% during the second quarter. Elkhorn Partners Limited Partnership now owns 21,000 shares of the company’s stock valued at $156,000 after purchasing an additional 2,000 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Warner Bros. Discovery by 44.8% in the second quarter. Amalgamated Bank now owns 668,327 shares of the company’s stock worth $4,972,000 after buying an additional 206,694 shares in the last quarter. Tredje AP fonden purchased a new stake in shares of Warner Bros. Discovery in the second quarter worth about $2,445,000. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Warner Bros. Discovery by 8.7% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 35,583 shares of the company’s stock worth $265,000 after buying an additional 2,849 shares in the last quarter. 59.95% of the stock is owned by 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.