Public Employees Retirement Association of Colorado Sells 414 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Public Employees Retirement Association of Colorado trimmed its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 9.5% in the second quarter, HoldingsChannel.com reports. The fund owned 3,942 shares of the company’s stock after selling 414 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Sphere Entertainment were worth $138,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Swiss National Bank lifted its position in Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after purchasing an additional 800 shares during the period. Greenhaven Road Investment Management L.P. increased its stake 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 valued at $7,641,000 after acquiring an additional 34,789 shares during the last quarter. QRG Capital Management Inc. acquired a new position in Sphere Entertainment during the first quarter valued at approximately $203,000. Seven Eight Capital LP lifted its stake in Sphere Entertainment by 145.1% during the fourth quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock worth $2,196,000 after purchasing an additional 38,271 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Sphere Entertainment by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after purchasing an additional 17,613 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Down 0.3 %

NYSE:SPHR opened at $43.38 on Monday. 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 one year low of $27.02 and a one year high of $51.83. The firm’s 50 day simple moving average is $43.70 and its 200 day simple moving average is $41.42. The company has a market cap of $1.53 billion, a PE ratio of 3.98 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping the consensus estimate of ($2.47) by $0.47. The company had revenue of $273.40 million for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $15.43 earnings per share. On average, research analysts anticipate that Sphere Entertainment Co. will post -9.24 earnings per share for the current year.

Analysts Set New Price Targets

SPHR has been the subject of a number of research analyst reports. Morgan Stanley boosted their price target on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Benchmark reaffirmed a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie increased their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Finally, Guggenheim boosted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.