Intech Investment Management LLC Takes $320,000 Position in Sphere Entertainment Co. (NYSE:SPHR)

Intech Investment Management LLC purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,236 shares of the company’s stock, valued at approximately $320,000.

A number of other institutional investors also recently bought and sold shares of SPHR. MADDEN SECURITIES Corp purchased a new stake in shares of Sphere Entertainment in the third quarter valued at $1,237,000. Quest Partners LLC boosted its holdings in Sphere Entertainment by 98,992.3% in the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after purchasing an additional 12,869 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in Sphere Entertainment in the second quarter valued at about $1,397,000. GAM Holding AG bought a new position in Sphere Entertainment during the 2nd quarter worth approximately $421,000. Finally, Nkcfo LLC bought a new position in Sphere Entertainment during the 2nd quarter worth approximately $561,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPHR. Macquarie dropped their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Guggenheim lifted their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Benchmark restated a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, October 2nd. Finally, Bank of America lowered 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Price Performance

SPHR stock opened at $39.58 on Thursday. The stock has a 50-day moving average price of $43.22 and a two-hundred day moving average price of $41.54. The stock has a market cap of $1.40 billion, a PE ratio of -3.77 and a beta of 1.38. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 1 year low of $27.02 and a 1 year high of $51.83.

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

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.