Investors with a lot of money to spend have taken a bearish stance on Warner Bros. Discovery WBD.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WBD, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for Warner Bros. Discovery.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 55%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $474,898, and 4 are calls, for a total amount of $163,529.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $15.0 for Warner Bros. Discovery during the past quarter.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Warner Bros. Discovery's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Warner Bros. Discovery's whale trades within a strike price range from $10.0 to $15.0 in the last 30 days.
Warner Bros. Discovery Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WBD | PUT | SWEEP | BEARISH | 10/17/25 | $0.87 | $0.83 | $0.87 | $10.00 | $113.1K | 97 | 2.5K |
| WBD | PUT | SWEEP | BEARISH | 10/17/25 | $0.87 | $0.83 | $0.87 | $10.00 | $111.8K | 97 | 1.2K |
| WBD | PUT | SWEEP | BULLISH | 10/17/25 | $4.1 | $4.0 | $4.0 | $15.00 | $100.8K | 413 | 257 |
| WBD | PUT | SWEEP | BULLISH | 03/20/26 | $2.27 | $2.23 | $2.23 | $12.00 | $89.8K | 1.1K | 403 |
| WBD | CALL | SWEEP | BULLISH | 10/17/25 | $0.37 | $0.35 | $0.37 | $15.00 | $59.4K | 474 | 10 |
About Warner Bros. Discovery
Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. It operates in three global business segments: studios, networks, and direct-to-consumer. Warner Bros. Pictures is the crown jewel of the studios business, producing, distributing, and licensing movies and television shows. The networks business consists of basic cable networks, such as CNN, TNT, TBS, Discovery, HGTV, and the Food Network. Direct-to-consumer includes HBO and the firm's streaming platforms, which have now been consolidated to Max and Discovery+. Much of the DTC content is created within the firm's other two business segments. Each segment operates with a global reach, with Max available in over 70 countries.
After a thorough review of the options trading surrounding Warner Bros. Discovery, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Warner Bros. Discovery
- Trading volume stands at 22,204,033, with WBD's price down by -0.09%, positioned at $11.02.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 42 days.
Professional Analyst Ratings for Warner Bros. Discovery
In the last month, 5 experts released ratings on this stock with an average target price of $15.6.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Barrington Research persists with their Outperform rating on Warner Bros. Discovery, maintaining a target price of $16. * Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Warner Bros. Discovery with a target price of $15. * An analyst from Barrington Research persists with their Outperform rating on Warner Bros. Discovery, maintaining a target price of $16. * Consistent in their evaluation, an analyst from Rosenblatt keeps a Neutral rating on Warner Bros. Discovery with a target price of $13. * An analyst from Benchmark downgraded its action to Buy with a price target of $18.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Warner Bros. Discovery, Benzinga Pro gives you real-time options trades alerts.
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
