ThornTree Capital Partners LP Acquires New Holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD)

ThornTree Capital Partners LP acquired a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,078,165 shares of the company’s stock, valued at approximately $21,966,000. Warner Bros. Discovery comprises 2.9% of ThornTree Capital Partners LP’s holdings, making the stock its 11th biggest position.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Warner Bros. Discovery during the 4th quarter worth approximately $362,210,000. Contrarius Group Holdings Ltd bought a new position in Warner Bros. Discovery during the 4th quarter worth approximately $168,930,000. FMR LLC raised its holdings in Warner Bros. Discovery by 478.5% during the 4th quarter. FMR LLC now owns 14,278,600 shares of the company’s stock worth $150,925,000 after purchasing an additional 11,810,191 shares during the last quarter. Slate Path Capital LP raised its holdings in Warner Bros. Discovery by 36.6% during the 4th quarter. Slate Path Capital LP now owns 23,801,000 shares of the company’s stock worth $251,577,000 after purchasing an additional 6,381,000 shares during the last quarter. Finally, Sachem Head Capital Management LP bought a new position in Warner Bros. Discovery during the 4th quarter worth approximately $64,847,000. Institutional investors own 59.95% of the company’s stock.

Insider Activity at Warner Bros. Discovery

In other news, Director Piazza Samuel A. Jr. Di bought 17,346 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $11.41 per share, for a total transaction of $197,917.86. Following the purchase, the director now directly owns 159,932 shares in the company, valued at $1,824,824.12. The trade was a 12.17% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by insiders.

Warner Bros. Discovery Stock Performance

NASDAQ WBD opened at $9.16 on Friday. The company has a fifty day simple moving average of $9.18 and a 200 day simple moving average of $9.90. Warner Bros. Discovery, Inc. has a 12-month low of $6.64 and a 12-month high of $12.70. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.03. The company has a market cap of $22.49 billion, a P/E ratio of -2.00, a PEG ratio of 8.64 and a beta of 1.46.

Warner Bros. Discovery (NASDAQ:WBD) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Warner Bros. Discovery had a negative net margin of 28.34% and a negative return on equity of 27.56%. The business had revenue of $8.98 billion during the quarter, compared to analyst estimates of $9.66 billion. During the same period in the previous year, the business posted ($0.40) EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Sell-side analysts predict that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on WBD. Raymond James lowered their price target on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, April 4th. Barrington Research restated an “outperform” rating and set a $16.00 price target on shares of Warner Bros. Discovery in a report on Tuesday, May 13th. KeyCorp lowered their price target on shares of Warner Bros. Discovery from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Wells Fargo & Company lifted their price objective on shares of Warner Bros. Discovery from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Finally, Barclays lifted their price objective on shares of Warner Bros. Discovery from $7.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.22.

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.