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Is Discovery Inc. a Buy Under $30?

Stock MarketsJul 19, 2021 09:30AM ET
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© Reuters. Is Discovery Inc. a Buy Under $30?

Shares of established media company Discovery (NASDAQ:DISCA) have fallen sharply in price since hitting their $78.14 all-time high on March 19, 2021, to close Friday’s trading session at $28.18. This is in-part due to the liquidation of its Archegos Capital positions and its bottom-line decline in the first quarter. So, can the stock rebound on the back of interest surrounding the creation of ‘Warner Bros. Discovery’? Read on. Let’s find out.With a portfolio of networks that include Discovery Channel, Animal Planet and Oprah Winfrey Network, and content that spans several genres, including natural history, sports, food and travel, Discovery, Inc. (DISCA) is one of the most popular media companies. It has made several strategic alliances and garnered significant attention with the announcement of its merger with AT&T Inc.’s (T) WarnerMedia in May 2021.

However, the stock has lost 62.9% since hitting its $78.14 all-time high on March 19, 2021. and has retreated 7.5% over the past month to close Friday’s trading session at $28.18.

The stock has plunged in-part due to its forced liquidation of Archegos Capital positions. DISCA also faces intense competition from other players in the growing global streaming market, such as Netflix, Inc. (NASDAQ:NFLX), The Walt Disney Company’s (NYSE:DIS) Disney +, and DISH Network Corporation (NASDAQ:DISH). Furthermore, with Amazon.com, Inc. (NASDAQ:AMZN) reaching a deal in May 2021 to acquire movie and TV company MGM, the streaming space is expected to become even more competitive. So, DISCA’s near-term prospects look uncertain.

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Is Discovery Inc. a Buy Under $30?
 

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