UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 4,054 Shares of Sphere Entertainment Co. (NYSE:SPHR)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 9.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 40,481 shares of the company’s stock after selling 4,054 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Sphere Entertainment were worth $1,788,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SPHR. Ariel Investments LLC increased its position in Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares in the last quarter. Millennium Management LLC lifted its stake in 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 purchasing an additional 261,857 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after purchasing an additional 190,600 shares during the last quarter. Marshall Wace LLP lifted its stake in Sphere Entertainment by 349.1% in the second quarter. Marshall Wace LLP now owns 130,807 shares of the company’s stock valued at $4,586,000 after purchasing an additional 101,682 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Sphere Entertainment by 215.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 124,619 shares of the company’s stock valued at $4,369,000 after acquiring an additional 85,119 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Sphere Entertainment stock opened at $37.81 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 1-year low of $29.70 and a 1-year high of $51.83. The firm has a market capitalization of $1.34 billion, a P/E ratio of -3.60 and a beta of 1.38. The company’s 50-day moving average is $42.29 and its 200 day moving average is $41.67.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on SPHR shares. Macquarie decreased 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. Guggenheim lifted their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America lowered their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Wolfe Research upgraded shares of 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. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.43.

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.