Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Fmr LLC

Fmr LLC trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 98.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,234 shares of the company’s stock after selling 410,936 shares during the period. Fmr LLC’s holdings in Sphere Entertainment were worth $275,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SPHR. Quantbot Technologies LP lifted its holdings in Sphere Entertainment by 582.6% in the third quarter. Quantbot Technologies LP now owns 20,731 shares of the company’s stock valued at $916,000 after acquiring an additional 17,694 shares during the period. Horizon Kinetics Asset Management LLC boosted its holdings in Sphere Entertainment by 7.9% during the third quarter. Horizon Kinetics Asset Management LLC now owns 56,728 shares of the company’s stock worth $2,506,000 after buying an additional 4,157 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Sphere Entertainment during the third quarter worth about $342,000. Charles Schwab Investment Management Inc. increased its holdings in Sphere Entertainment by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 219,792 shares of the company’s stock valued at $9,710,000 after buying an additional 2,187 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Sphere Entertainment during the 3rd quarter valued at approximately $320,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Up 5.2 %

SPHR opened at $38.70 on Friday. The firm has a market cap of $1.37 billion, a P/E ratio of -3.69 and a beta of 1.38. The business’s fifty day simple moving average is $41.68 and its 200 day simple moving average is $41.63. Sphere Entertainment Co. has a 52 week low of $29.70 and a 52 week high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last issued 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 the consensus estimate of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company’s quarterly revenue was up 93.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.90 earnings per share. As a group, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SPHR shares. Guggenheim upped their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Macquarie lowered their target price on 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 cut their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Benchmark reissued a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus target price 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.