JPMorgan Chase & Co. Buys 88,065 Shares of Sphere Entertainment Co. (NYSE:SPHR)

JPMorgan Chase & Co. raised its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 140.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,955 shares of the company’s stock after buying an additional 88,065 shares during the quarter. JPMorgan Chase & Co.’s holdings in Sphere Entertainment were worth $6,669,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new position in shares of Sphere Entertainment during the 3rd quarter worth about $788,000. Tidal Investments LLC acquired a new stake in Sphere Entertainment during the third quarter worth approximately $225,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at approximately $187,000. TCW Group Inc. acquired a new stake in Sphere Entertainment in the third quarter valued at about $538,000. Finally, Geode Capital Management LLC boosted its stake in shares of Sphere Entertainment by 1.2% during the third quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock valued at $27,088,000 after purchasing an additional 7,434 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SPHR shares. Macquarie dropped their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Guggenheim decreased their price objective on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Wednesday, October 2nd. Finally, Morgan Stanley cut their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $47.75.

Sphere Entertainment Stock Up 0.6 %

Shares of SPHR opened at $41.77 on Thursday. The business’s 50 day simple moving average is $40.24 and its 200-day simple moving average is $42.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -3.98 and a beta of 1.37. Sphere Entertainment Co. has a 1 year low of $29.70 and a 1 year high of $51.83.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share 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 company had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same period last year, the firm earned $1.90 earnings per share. Sphere Entertainment’s revenue was up 93.1% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.