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

GSA Capital Partners LLP decreased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 67.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 modified their holdings of SPHR. Blue Trust Inc. purchased a new stake in shares of Sphere Entertainment during the second quarter worth $27,000. Summit Securities Group LLC purchased a new stake in shares of Sphere Entertainment in the second quarter valued at about $54,000. 1832 Asset Management L.P. purchased a new stake in shares of Sphere Entertainment in the first quarter valued at about $85,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Sphere Entertainment by 46.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after purchasing an additional 810 shares during the period. Finally, Quent Capital LLC grew its holdings in shares of Sphere Entertainment by 51.8% in the second quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock valued at $141,000 after purchasing an additional 1,376 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPHR. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Wednesday, October 2nd. Benchmark reissued a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie dropped their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Guggenheim upped 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, September 19th. Finally, Bank of America decreased their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Stock Down 1.8 %

Shares of SPHR opened at $40.29 on Friday. The stock has a market capitalization of $1.42 billion, a PE ratio of -3.84 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. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company’s 50-day simple moving average is $43.35 and its 200-day simple moving average is $41.42.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 93.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.90 earnings per share. Analysts forecast 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.