Empowered Funds LLC Acquires 8,710 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Empowered Funds LLC increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 5.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 171,047 shares of the company’s stock after buying an additional 8,710 shares during the quarter. Empowered Funds LLC’s holdings in Sphere Entertainment were worth $7,557,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SPHR. Ariel Investments LLC raised its holdings in shares of Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after purchasing an additional 419,581 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Sphere Entertainment by 356.8% in the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after acquiring an additional 261,857 shares during the period. Bornite Capital Management LP purchased a new stake in Sphere Entertainment during the first quarter valued at $9,816,000. Renaissance Technologies LLC lifted its holdings in Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares during the period. Finally, Jericho Capital Asset Management L.P. boosted its position in Sphere Entertainment by 4.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock worth $124,804,000 after purchasing an additional 106,651 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPHR. Bank of America reduced their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Benchmark reaffirmed a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie dropped their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd. Finally, Guggenheim raised their target price on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $40.00 on Friday. The stock has a market cap of $1.41 billion, a PE ratio of -3.81 and a beta of 1.41. Sphere Entertainment Co. has a 1 year low of $27.02 and a 1 year high of $51.83. The firm has a fifty day moving average price of $43.40 and a 200-day moving average price of $41.40. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The business had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. Sphere Entertainment’s revenue for the quarter was up 93.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.90 EPS. Equities analysts anticipate that Sphere Entertainment Co. will post -9.6 earnings per share for the current fiscal year.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.