Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Fmr LLC

Fmr LLC trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 98.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,234 shares of the company’s stock after selling 410,936 shares during the quarter. Fmr LLC’s holdings in Sphere Entertainment were worth $275,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPHR. Blue Trust Inc. acquired a new position in Sphere Entertainment during the 2nd quarter worth about $27,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment during the second quarter worth about $54,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Sphere Entertainment by 46.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after purchasing an additional 810 shares in the last quarter. Quent Capital LLC boosted its stake in shares of Sphere Entertainment by 15.5% in the third quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock valued at $206,000 after purchasing an additional 624 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $216,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on SPHR. Guggenheim raised their price target 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. Macquarie decreased their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Bank of America lowered their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Benchmark reaffirmed a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Sphere Entertainment has a consensus rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Trading Up 5.2 %

NYSE SPHR opened at $38.70 on Friday. Sphere Entertainment Co. has a 12 month low of $29.70 and a 12 month high of $51.83. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -3.69 and a beta of 1.38. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s fifty day moving average price is $41.68 and its 200 day moving average price is $41.63.

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