Systematic Financial Management LP Sells 7,395 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Systematic Financial Management LP lessened its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 2.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 360,302 shares of the company’s stock after selling 7,395 shares during the period. Systematic Financial Management LP’s holdings in Sphere Entertainment were worth $12,632,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Blue Trust Inc. bought a new stake in Sphere Entertainment during the 2nd quarter valued at $27,000. Summit Securities Group LLC bought a new stake in shares of Sphere Entertainment in the second quarter valued at about $54,000. 1832 Asset Management L.P. purchased a new stake in Sphere Entertainment in the first quarter worth about $85,000. Quent Capital LLC grew its holdings in Sphere Entertainment by 7,717.6% during the 1st quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after acquiring an additional 2,624 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sphere Entertainment by 36.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after purchasing an additional 1,425 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.3 %

Sphere Entertainment stock opened at $43.38 on Friday. The business has a fifty day moving average price of $43.70 and a 200-day moving average price of $41.47. Sphere Entertainment Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 3.98 and a beta of 1.41. 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 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 business had revenue of $273.40 million for the quarter, compared to analyst estimates of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company’s revenue was up 111.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $15.43 earnings per share. Equities research analysts forecast that Sphere Entertainment Co. will post -9.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.