Victory Capital Management Inc. Grows Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Victory Capital Management Inc. boosted its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,438 shares of the company’s stock after purchasing an additional 271 shares during the quarter. Victory Capital Management Inc.’s holdings in Sphere Entertainment were worth $991,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPHR. Vanguard Group Inc. raised its position in Sphere Entertainment by 0.6% in the 1st 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. Quent Capital LLC raised its position in Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock worth $141,000 after buying an additional 1,376 shares during the last quarter. O Keefe Stevens Advisory Inc. raised its position in Sphere Entertainment by 2.6% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 170,953 shares of the company’s stock worth $5,994,000 after buying an additional 4,252 shares during the last quarter. Blue Trust Inc. purchased a new position in Sphere Entertainment during the 2nd quarter worth $27,000. Finally, OFI Invest Asset Management purchased a new position in Sphere Entertainment during the 2nd quarter worth $257,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Guggenheim upped their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Bank of America cut their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. Wolfe Research raised 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. Finally, Macquarie lowered 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.43.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $40.22 on Thursday. 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 Co. has a fifty-two week low of $27.02 and a fifty-two week high of $51.83. The stock has a market cap of $1.42 billion, a PE ratio of -3.83 and a beta of 1.41. The firm’s fifty day simple moving average is $43.34 and its 200-day simple moving average is $41.44.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The business had revenue of $227.90 million for the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business’s revenue for the quarter was up 93.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.90 EPS. 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.