Sphere Entertainment Co. (NYSE:SPHR) Position Boosted by Empowered Funds LLC

Empowered Funds LLC increased its position in Sphere Entertainment Co. (NYSE:SPHR) by 5.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 179,798 shares of the company’s stock after purchasing an additional 8,751 shares during the period. Empowered Funds LLC owned 0.51% of Sphere Entertainment worth $7,249,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after acquiring an additional 24,772 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Sphere Entertainment by 1,425.2% during the third quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock worth $38,261,000 after purchasing an additional 840,631 shares during the last quarter. State Street Corp boosted its holdings in Sphere Entertainment by 0.4% in the third quarter. State Street Corp now owns 896,795 shares of the company’s stock worth $38,141,000 after purchasing an additional 3,463 shares during the period. Systematic Financial Management LP increased its stake in Sphere Entertainment by 5.3% during the third quarter. Systematic Financial Management LP now owns 891,493 shares of the company’s stock valued at $37,915,000 after purchasing an additional 45,261 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Sphere Entertainment by 5.5% during the third quarter. New York State Common Retirement Fund now owns 469,261 shares of the company’s stock worth $19,958,000 after purchasing an additional 24,644 shares during the period. 92.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPHR has been the subject of several research reports. Guggenheim decreased their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Morgan Stanley lowered their target price on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $47.75.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $47.69 on Tuesday. Sphere Entertainment Co. has a 12-month low of $32.10 and a 12-month high of $51.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.69 billion, a PE ratio of -4.54 and a beta of 1.39. The stock has a 50 day simple moving average of $41.22 and a 200-day simple moving average of $42.71.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. The business had revenue of $227.90 million for the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company’s revenue was up 93.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.90 earnings per share. On average, equities research analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Sphere Entertainment 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.