First Trust Direct Indexing L.P. Purchases 6,826 Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD)

First Trust Direct Indexing L.P. raised its position in Warner Bros. Discovery, Inc. (NASDAQ:WBD) by 17.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 46,058 shares of the company’s stock after buying an additional 6,826 shares during the period. First Trust Direct Indexing L.P.’s holdings in Warner Bros. Discovery were worth $380,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of WBD. Family Firm Inc. acquired a new position in shares of Warner Bros. Discovery in the 2nd quarter valued at $26,000. Crewe Advisors LLC acquired a new position in shares of Warner Bros. Discovery in the 1st quarter valued at $27,000. OFI Invest Asset Management lifted its stake in shares of Warner Bros. Discovery by 45.9% in the 2nd quarter. OFI Invest Asset Management now owns 3,879 shares of the company’s stock valued at $27,000 after purchasing an additional 1,221 shares during the period. Transcendent Capital Group LLC lifted its stake in shares of Warner Bros. Discovery by 665.4% in the 1st quarter. Transcendent Capital Group LLC now owns 4,003 shares of the company’s stock valued at $35,000 after purchasing an additional 3,480 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Warner Bros. Discovery in the 1st quarter valued at $39,000. 59.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. TD Cowen cut their price target on Warner Bros. Discovery from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Macquarie dropped their price objective on Warner Bros. Discovery from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Evercore ISI dropped their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Moffett Nathanson dropped their price objective on Warner Bros. Discovery from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Warner Bros. Discovery in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.66.

Warner Bros. Discovery Price Performance

NASDAQ:WBD opened at $8.23 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.76 and a current ratio of 0.76. The stock’s 50-day simple moving average is $7.83 and its 200 day simple moving average is $7.82. The company has a market cap of $20.18 billion, a P/E ratio of -1.71 and a beta of 1.48. Warner Bros. Discovery, Inc. has a 52-week low of $6.64 and a 52-week high of $12.70.

Warner Bros. Discovery (NASDAQ:WBD) last released its earnings results on Wednesday, August 7th. The company reported ($4.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($3.89). The company had revenue of $9.71 billion during the quarter, compared to analyst estimates of $10.07 billion. Warner Bros. Discovery had a negative net margin of 29.47% and a negative return on equity of 27.28%. Warner Bros. Discovery’s revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. As a group, sell-side analysts forecast that Warner Bros. Discovery, Inc. will post -4.5 EPS for the current fiscal year.

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.