Corrado Advisors LLC Sells 2,471 Shares of Warner Bros. Discovery, Inc. $WBD

Corrado Advisors LLC trimmed its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,324 shares of the company’s stock after selling 2,471 shares during the quarter. Corrado Advisors LLC’s holdings in Warner Bros. Discovery were worth $1,322,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. WPG Advisers LLC bought a new position in Warner Bros. Discovery in the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in Warner Bros. Discovery in the first quarter valued at approximately $27,000. North Capital Inc. bought a new position in Warner Bros. Discovery in the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC bought a new position in Warner Bros. Discovery in the first quarter valued at approximately $29,000. Finally, Golden State Wealth Management LLC increased its stake in Warner Bros. Discovery by 448.0% in the first quarter. Golden State Wealth Management LLC now owns 2,877 shares of the company’s stock valued at $31,000 after acquiring an additional 2,352 shares during the last quarter. 59.95% of the stock is owned by institutional investors.

Insider Activity

In other Warner Bros. Discovery news, Director Anton J. Levy bought 250,000 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was bought at an average cost of $10.90 per share, with a total value of $2,725,000.00. Following the completion of the transaction, the director directly owned 874,000 shares in the company, valued at approximately $9,526,600. The trade was a 40.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Gunnar Wiedenfels sold 530,793 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $19.50, for a total transaction 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. The trade was a 31.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 970,115 shares of company stock worth $17,818,490. Company insiders own 1.80% of the company’s stock.

Warner Bros. Discovery Price Performance

WBD stock opened at $20.99 on Wednesday. The firm has a market cap of $51.97 billion, a price-to-earnings ratio of 69.97, a PEG ratio of 2.56 and a beta of 1.73. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery, Inc. has a 12-month low of $7.49 and a 12-month high of $21.57. The company’s fifty day simple moving average is $16.78 and its 200 day simple moving average is $12.67.

Warner Bros. Discovery (NASDAQ:WBD) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating 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 firm had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same quarter in the prior year, the business earned ($4.07) earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts expect that Warner Bros. Discovery, Inc. will post -4.33 earnings per share for the current year.

Analysts Set New Price Targets

WBD has been the topic of a number of research reports. The Goldman Sachs Group boosted their target price on shares of Warner Bros. Discovery from $11.50 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 30th. Raymond James Financial boosted their target price on shares of Warner Bros. Discovery from $13.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. Cowen lowered shares of Warner Bros. Discovery from a “buy” rating to a “hold” rating in a report on Tuesday, September 16th. Morgan Stanley lifted their price target on shares of Warner Bros. Discovery from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, September 25th. Finally, Weiss Ratings upgraded shares of Warner Bros. Discovery from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.14.

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.