Ariadne Wealth Management LP Invests $993,000 in Sphere Entertainment Co. (NYSE:SPHR)

Ariadne Wealth Management LP bought a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 28,332 shares of the company’s stock, valued at approximately $993,000. Ariadne Wealth Management LP owned about 0.08% of Sphere Entertainment at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Blue Trust Inc. acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $27,000. Summit Securities Group LLC acquired a new position in shares of Sphere Entertainment during the second quarter valued at $54,000. 1832 Asset Management L.P. bought a new position in Sphere Entertainment in the 1st quarter valued at about $85,000. Quent Capital LLC raised its position in Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after acquiring an additional 2,624 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after buying an additional 1,425 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Benchmark reissued a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Macquarie lifted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Bank of America lowered their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Finally, Guggenheim raised their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.17.

Sphere Entertainment Trading Up 1.8 %

Sphere Entertainment stock opened at $44.18 on Tuesday. Sphere Entertainment Co. has a fifty-two week low of $27.02 and a fifty-two week high of $51.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market cap of $1.56 billion, a P/E ratio of 4.06 and a beta of 1.41. The firm’s fifty day moving average price is $43.69 and its 200-day moving average price is $41.39.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $15.43 earnings per share. Equities research analysts forecast that Sphere Entertainment Co. will post -9.24 earnings per share for the current fiscal year.

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.