Nkcfo LLC Makes New Investment in Sphere Entertainment Co. (NYSE:SPHR)

Nkcfo LLC acquired a new position in Sphere Entertainment Co. (NYSE:SPHR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,000 shares of the company’s stock, valued at approximately $561,000.

Other hedge funds have also recently made changes to their positions in the company. Swiss National Bank lifted its stake in Sphere Entertainment by 1.6% during the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after purchasing an additional 800 shares in the last quarter. Greenhaven Road Investment Management L.P. grew its position in Sphere Entertainment by 18.3% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock valued at $7,641,000 after acquiring an additional 34,789 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Sphere Entertainment during the first quarter worth about $203,000. Seven Eight Capital LP boosted its stake in shares of Sphere Entertainment by 145.1% in the fourth quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock valued at $2,196,000 after purchasing an additional 38,271 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

SPHR has been the subject of several research reports. Macquarie boosted their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Bank of America lowered their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Morgan Stanley lifted their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. Finally, Benchmark restated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $49.17.

Sphere Entertainment Trading Down 3.9 %

SPHR opened at $41.09 on Friday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 3.77 and a beta of 1.41. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83. The business’s 50 day moving average is $43.83 and its two-hundred day moving average is $41.74. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter in the prior year, the business earned $15.43 EPS. Sphere Entertainment’s quarterly revenue was up 111.8% compared to the same quarter last year. On average, research analysts predict that Sphere Entertainment Co. will post -6.9 EPS for the current 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.