GSA Capital Partners LLP Cuts Position in Sphere Entertainment Co. (NYSE:SPHR)

GSA Capital Partners LLP trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 67.2% during the third quarter, Holdings Channel reports. The institutional investor owned 6,600 shares of the company’s stock after selling 13,522 shares during the quarter. GSA Capital Partners LLP’s holdings in Sphere Entertainment were worth $292,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Ariel Investments LLC increased its stake in shares of Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after buying an additional 419,581 shares during the period. Vanguard Group Inc. increased its stake in Sphere Entertainment by 0.6% in the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock valued at $137,787,000 after purchasing an additional 17,613 shares during the last quarter. Jericho Capital Asset Management L.P. increased its stake in Sphere Entertainment by 4.4% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after purchasing an additional 106,651 shares during the last quarter. Millennium Management LLC increased 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. Finally, Renaissance Technologies LLC increased 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. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $40.29 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company’s 50 day simple moving average is $43.35 and its 200-day simple moving average is $41.42. Sphere Entertainment Co. has a 12-month low of $27.02 and a 12-month high of $51.83. The firm has a market cap of $1.42 billion, a PE ratio of -3.84 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm 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 company earned $1.90 earnings per share. The company’s revenue for the quarter was up 93.1% on a year-over-year basis. As a group, equities analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Wall Street Analysts Forecast Growth

SPHR has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Bank of America dropped their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Macquarie dropped their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Finally, Benchmark restated a “sell” rating and set 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 given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average target price of $50.43.

Sphere Entertainment 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.