Sphere Entertainment Co. (NYSE:SPHR) Stake Increased by Sender Co & Partners Inc.

Sender Co & Partners Inc. grew its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 372.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,746 shares of the company’s stock after buying an additional 32,124 shares during the quarter. Sphere Entertainment accounts for 1.6% of Sender Co & Partners Inc.’s portfolio, making the stock its 10th largest position. Sender Co & Partners Inc. owned about 0.12% of Sphere Entertainment worth $1,429,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Swiss National Bank raised its stake in Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after buying an additional 800 shares during the last quarter. Greenhaven Road Investment Management L.P. increased its position in Sphere Entertainment by 18.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock worth $7,641,000 after buying an additional 34,789 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Sphere Entertainment in the first quarter worth about $203,000. Seven Eight Capital LP lifted its position in shares of Sphere Entertainment by 145.1% during the 4th quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock valued at $2,196,000 after buying an additional 38,271 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Sphere Entertainment by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after acquiring an additional 17,613 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of SPHR opened at $43.51 on Friday. The stock has a market capitalization of $1.54 billion, a PE ratio of 4.00 and a beta of 1.41. The company has a 50 day moving average price of $43.70 and a 200-day moving average price of $41.55. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. Sphere Entertainment Co. has a fifty-two week low of $27.02 and a fifty-two week high of $51.83.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Morgan Stanley raised their price objective on shares of 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 decreased their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Guggenheim upped their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Macquarie lifted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Finally, Benchmark reissued a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $49.17.

About Sphere Entertainment

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.