Handelsbanken Fonder AB Purchases New Shares in Sphere Entertainment Co. (NYSE:SPHR)

Handelsbanken Fonder AB acquired a new position in Sphere Entertainment Co. (NYSE:SPHR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,300 shares of the company’s stock, valued at approximately $254,000.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Sphere Entertainment by 2.7% in the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after acquiring an additional 24,772 shares in the last quarter. State Street Corp boosted its holdings in shares of Sphere Entertainment by 0.4% in the 3rd quarter. State Street Corp now owns 896,795 shares of the company’s stock worth $38,141,000 after purchasing an additional 3,463 shares during the period. Systematic Financial Management LP boosted its holdings in shares of Sphere Entertainment by 5.3% in the 3rd quarter. Systematic Financial Management LP now owns 891,493 shares of the company’s stock worth $37,915,000 after purchasing an additional 45,261 shares during the period. New York State Common Retirement Fund increased its position in shares of Sphere Entertainment by 5.5% during the 3rd quarter. New York State Common Retirement Fund now owns 469,261 shares of the company’s stock valued at $19,958,000 after purchasing an additional 24,644 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after buying an additional 5,575 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $37.69 on Tuesday. The firm has a 50-day moving average of $43.53 and a two-hundred day moving average of $43.14. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -3.59 and a beta of 1.39. Sphere Entertainment Co. has a 1 year low of $32.10 and a 1 year high of $51.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Analysts Set New Price Targets

A number of research analysts have weighed in on SPHR shares. Macquarie cut their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Guggenheim cut 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. Finally, Morgan Stanley decreased their price objective on shares of 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and a consensus target price of $47.75.

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.