Sphere Entertainment Co. (NYSE:SPHR) Shares Purchased by Quest Partners LLC

Quest Partners LLC raised its position in Sphere Entertainment Co. (NYSE:SPHR) by 98,992.3% in the 3rd quarter, Holdings Channel reports. The fund owned 12,882 shares of the company’s stock after purchasing an additional 12,869 shares during the period. Quest Partners LLC’s holdings in Sphere Entertainment were worth $569,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. ProShare Advisors LLC acquired a new stake in Sphere Entertainment during the 1st quarter valued at $235,000. Vanguard Group Inc. grew its stake in shares of Sphere Entertainment by 0.6% during the first 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 in the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Sphere Entertainment during the first quarter worth about $85,000. Bornite Capital Management LP acquired a new position in shares of Sphere Entertainment in the first quarter worth about $9,816,000. Finally, Jericho Capital Asset Management L.P. boosted its holdings in Sphere Entertainment by 4.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after purchasing an additional 106,651 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 1.8 %

NYSE:SPHR opened at $40.29 on Friday. 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 stock has a 50 day moving average of $43.35 and a 200-day moving average of $41.42. The firm has a market capitalization of $1.42 billion, a PE ratio of -3.84 and a beta of 1.41. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. During the same period last year, the company earned $1.90 earnings per share. The firm’s revenue for the quarter was up 93.1% on a year-over-year basis. Analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Wall Street Analysts Forecast Growth

SPHR has been the topic of several analyst reports. Bank of America dropped their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $37.00 to $57.00 in a research note on Friday, August 16th. 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 report on Thursday, September 19th. Macquarie reduced their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $50.43.

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.