Renaissance Technologies LLC Buys 190,600 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Renaissance Technologies LLC boosted its stake in Sphere Entertainment Co. (NYSE:SPHR) by 134.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 332,435 shares of the company’s stock after acquiring an additional 190,600 shares during the period. Renaissance Technologies LLC owned 0.94% of Sphere Entertainment worth $11,655,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SPHR. Swiss National Bank boosted its stake in shares of Sphere Entertainment by 1.6% in 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. Greenhaven Road Investment Management L.P. boosted its position in Sphere Entertainment by 18.3% during the fourth 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 during the last quarter. QRG Capital Management Inc. acquired a new stake in Sphere Entertainment during the 1st quarter worth about $203,000. Seven Eight Capital LP raised its position in shares of Sphere Entertainment by 145.1% in the 4th quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock worth $2,196,000 after acquiring an additional 38,271 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of 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 period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

SPHR has been the subject of a number of research analyst reports. Macquarie lifted their target price on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Guggenheim boosted their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. Bank of America reduced their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Morgan Stanley lifted their price target 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. Finally, JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $49.17.

Sphere Entertainment Stock Down 3.9 %

Shares of NYSE SPHR opened at $41.07 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The company has a 50-day moving average price of $43.83 and a 200-day moving average price of $41.65. The stock has a market capitalization of $1.45 billion, a P/E ratio of 3.77 and a beta of 1.41. Sphere Entertainment Co. has a 1 year low of $27.02 and a 1 year high of $51.83.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company’s quarterly revenue was up 111.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $15.43 EPS. On average, equities research analysts forecast that Sphere Entertainment Co. will post -6.9 EPS 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.