Traders Buy Large Volume of Call Options on Warner Bros. Discovery (NASDAQ:WBD)

Posted by Brian Himes on Jul 15th, 2026

Warner Bros. Discovery, Inc. (NASDAQ:WBD – Get Free Report) was the target of some unusual options trading activity on Monday. Traders bought 123,399 call options on the company. This represents an increase of approximately 93% compared to the average volume of 64,011 call options.

Warner Bros. Discovery Stock Up 1.4%

NASDAQ:WBD opened at $27.48 on Wednesday. The business’s fifty day moving average price is $26.85 and its 200 day moving average price is $27.52. The firm has a market capitalization of $68.90 billion, a price-to-earnings ratio of -39.26 and a beta of 1.54. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.92. Warner Bros. Discovery has a 1-year low of $10.76 and a 1-year high of $30.00.

Warner Bros. Discovery (NASDAQ:WBD – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($1.07). The company had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $8.89 billion. Warner Bros. Discovery had a negative net margin of 4.67% and a negative return on equity of 4.77%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.18) earnings per share. On average, sell-side analysts forecast that Warner Bros. Discovery will post -1.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Investment Advisory LLC lifted its holdings in shares of Warner Bros. Discovery by 111.2% during the 2nd quarter. Harbor Investment Advisory LLC now owns 942 shares of the company’s stock valued at $25,000 after buying an additional 496 shares during the last quarter. Swiss RE Ltd. acquired a new position in Warner Bros. Discovery in the fourth quarter worth approximately $26,000. Elevation Wealth Partners LLC raised its position in Warner Bros. Discovery by 64.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,009 shares of the company’s stock valued at $27,000 after acquiring an additional 395 shares in the last quarter. Fideuram Asset Management Ireland dac acquired a new stake in Warner Bros. Discovery in the fourth quarter valued at approximately $29,000. Finally, MV Capital Management Inc. bought a new stake in Warner Bros. Discovery in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings lowered Warner Bros. Discovery from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Guggenheim reissued a “neutral” rating on shares of Warner Bros. Discovery in a research note on Thursday, May 7th. Huber Research upgraded Warner Bros. Discovery from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Seaport Research Partners raised Warner Bros. Discovery from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Monday, June 29th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Warner Bros. Discovery in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $27.04.

Get Our Latest Analysis on Warner Bros. Discovery

Key Warner Bros. Discovery News

Here are the key news stories impacting Warner Bros. Discovery this week:

Positive Sentiment: WBD continues to trade with takeover-related optimism, as Paramount says it still intends to close the deal by the end of September despite the new lawsuits. Paramount still plans to close WBD merger by end of September despite lawsuit
Neutral Sentiment: The stock has also seen unusually heavy call-option activity, suggesting traders are positioning for continued merger volatility. Paramount Skydance (PSKY) Stock Faces New Risk as 12 States Sue to Block $110 Billion Warner Bros. Deal
Negative Sentiment: The merger now faces multiple antitrust challenges from state officials and the Writers Guild, which could delay or block the deal and pressure WBD if the takeover premium fades. Hollywood Writers Sue to Block Paramount-Warner Deal

Warner Bros. Discovery Company Profile

(Get Free Report)

Warner Bros. Discovery (NASDAQ: WBD) is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company’s core activities include film and television production and distribution through units such as Warner Bros.