Warner Bros. Discovery’s (WBD) Chief Legal Officer Savalle Sims recently sold shares worth nearly $2.1 million. It’s worth noting that the sale occurred after the company’s stock price saw significant growth, with shares rising by 23% over the past month.
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The increase in stock price can be attributed to WBD’s announcement to separate its streaming and linear TV divisions, along with a strong Q3 earnings report. The company posted a profit of $0.05 per share in Q3, compared to a loss of $0.17 per share in the year-ago quarter.
WBD is a global media and entertainment company that creates and distributes content across film, television, and streaming platforms.
Closer Look at the Insider’s Transaction
According to the most recent SEC filing, Sims divested 169,436 shares of WBD at prices ranging from $12.29 to $12.35 per share. Following the latest transaction, the insider still owns Warner Bros. stock worth about $6.95 million.
On TipRanks, WBD stock currently has a Positive insider confidence signal, based on informative buy transactions worth $830,000 undertaken in the last three months.
It is important to keep an eye on the informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is WBD Stock a Buy, Sell, or Hold?
Turning to Wall Street, WBD stock has a Moderate Buy consensus rating based on 10 Buys, six Holds, and one Sell assigned in the last three months. At $12.50, the average Warner Bros. price target implies a 10.13% upside potential. Shares of the company have gained 62.37% in the last six months.
