Commonwealth Equity Services LLC Cuts Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Commonwealth Equity Services LLC decreased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,412 shares of the company’s stock after selling 245 shares during the period. Commonwealth Equity Services LLC’s holdings in Sphere Entertainment were worth $225,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SPHR. Pinnacle Associates Ltd. grew its stake in shares of Sphere Entertainment by 30.5% in the second quarter. Pinnacle Associates Ltd. now owns 102,570 shares of the company’s stock worth $3,596,000 after acquiring an additional 23,996 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after buying an additional 1,425 shares during the period. Summit Securities Group LLC purchased a new stake in Sphere Entertainment during the second quarter valued at approximately $54,000. GAM Holding AG purchased a new position in shares of Sphere Entertainment during the 2nd quarter worth $421,000. Finally, Bank of New York Mellon Corp grew its position in shares of Sphere Entertainment by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 163,099 shares of the company’s stock valued at $5,718,000 after acquiring an additional 5,575 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPHR. Morgan Stanley lifted their target price on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Bank of America cut their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Macquarie raised their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Finally, Guggenheim raised their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and a consensus price target of $49.17.

Sphere Entertainment Trading Up 0.6 %

SPHR stock opened at $41.94 on Thursday. 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 Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The business has a 50 day simple moving average of $43.72 and a two-hundred day simple moving average of $41.53. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 3.85 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. Sphere Entertainment’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $15.43 earnings per share. Research analysts anticipate that Sphere Entertainment Co. will post -9.24 EPS 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.