Sphere Entertainment Co. (NYSE:SPHR) Holdings Trimmed by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 2.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 12,808 shares of the company’s stock after selling 369 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Sphere Entertainment were worth $566,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ariel Investments LLC lifted its stake in Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after purchasing an additional 419,581 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Sphere Entertainment by 356.8% in the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after buying an additional 261,857 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Sphere Entertainment by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,792 shares of the company’s stock worth $9,710,000 after acquiring an additional 2,187 shares in the last quarter. Finally, Washington Trust Advisors Inc. grew its holdings in shares of Sphere Entertainment by 1.1% in the 3rd quarter. Washington Trust Advisors Inc. now owns 198,774 shares of the company’s stock worth $8,782,000 after acquiring an additional 2,102 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

SPHR stock opened at $37.81 on Friday. The stock has a market cap of $1.34 billion, a P/E ratio of -3.60 and a beta of 1.38. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50 day simple moving average of $42.29 and a 200 day simple moving average of $41.62. Sphere Entertainment Co. has a 52 week low of $29.70 and a 52 week 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, beating the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $227.90 million for the quarter, compared to analysts’ expectations of $229.86 million. During the same period in the previous year, the company posted $1.90 EPS. Sphere Entertainment’s revenue was up 93.1% on a year-over-year basis. Research analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SPHR shares. Guggenheim increased 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 reiterated a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie cut their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Bank of America decreased their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Finally, Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.43.

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.