Cubist Systematic Strategies LLC Grows Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Cubist Systematic Strategies LLC boosted its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 215.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,619 shares of the company’s stock after acquiring an additional 85,119 shares during the quarter. Cubist Systematic Strategies LLC owned 0.35% of Sphere Entertainment worth $4,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. North Star Investment Management Corp. increased its position in shares of Sphere Entertainment by 0.5% in the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock valued at $6,165,000 after acquiring an additional 620 shares during the period. Blue Trust Inc. purchased a new position in Sphere Entertainment during the 2nd quarter valued at about $27,000. Swiss National Bank raised its position in Sphere Entertainment by 1.6% during the 1st quarter. Swiss National Bank now owns 50,159 shares of the company’s stock valued at $2,462,000 after purchasing an additional 800 shares during the last quarter. Radnor Capital Management LLC lifted its holdings in Sphere Entertainment by 4.2% in the 1st quarter. Radnor Capital Management LLC now owns 22,845 shares of the company’s stock worth $1,121,000 after buying an additional 925 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Sphere Entertainment by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 48,683 shares of the company’s stock worth $1,707,000 after buying an additional 943 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $43.38 on Friday. The company has a market capitalization of $1.53 billion, a PE ratio of 3.98 and a beta of 1.41. The business has a fifty day moving average price of $43.70 and a 200-day moving average price of $41.47. Sphere Entertainment Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The company had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. During the same quarter last year, the firm earned $15.43 earnings per share. The firm’s quarterly revenue was up 111.8% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment Co. will post -9.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Bank of America dropped 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. Morgan Stanley lifted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Guggenheim boosted their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Macquarie raised their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.17.

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.