JPMorgan Chase & Co. Grows Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

JPMorgan Chase & Co. increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 140.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,955 shares of the company’s stock after purchasing an additional 88,065 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.43% of Sphere Entertainment worth $6,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC increased its holdings in shares of Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Sphere Entertainment in the third quarter worth $788,000. Maverick Capital Ltd. purchased a new position in shares of Sphere Entertainment in the second quarter valued at about $1,494,000. Zacks Investment Management lifted its holdings in shares of Sphere Entertainment by 15.3% in the third quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock worth $4,750,000 after buying an additional 14,812 shares in the last quarter. Finally, MADDEN SECURITIES Corp bought a new stake in shares of Sphere Entertainment in the third quarter worth about $1,237,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $41.77 on Thursday. Sphere Entertainment Co. has a fifty-two week low of $29.70 and a fifty-two week high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm’s fifty day simple moving average is $40.24 and its 200-day simple moving average is $42.33. The stock has a market cap of $1.48 billion, a PE ratio of -3.98 and a beta of 1.37.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. During the same quarter last year, the firm earned $1.90 EPS. Sphere Entertainment’s quarterly revenue was up 93.1% on a year-over-year basis. Analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, October 2nd. Macquarie reduced their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley reduced their price objective on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim lowered their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $47.75.

Sphere Entertainment 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.