Rhumbline Advisers Has $1.71 Million Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Rhumbline Advisers increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,683 shares of the company’s stock after acquiring an additional 943 shares during the period. Rhumbline Advisers owned about 0.14% of Sphere Entertainment worth $1,707,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPHR. Blue Trust Inc. bought a new position in Sphere Entertainment in the 2nd quarter worth approximately $27,000. Summit Securities Group LLC purchased a new position in shares of Sphere Entertainment in the second quarter valued at about $54,000. 1832 Asset Management L.P. purchased a new position in shares of Sphere Entertainment in the first quarter valued at about $85,000. Quest Partners LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at about $61,000. Finally, Quent Capital LLC increased its position in shares of Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after acquiring an additional 2,624 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $41.09 on Friday. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83. The stock has a market capitalization of $1.45 billion, a P/E ratio of 3.77 and a beta of 1.41. The firm has a fifty day simple moving average of $43.83 and a two-hundred day simple moving average of $41.74. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

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

Analyst Ratings Changes

SPHR has been the topic of several research reports. Macquarie boosted their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Guggenheim boosted their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley lifted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $49.17.

Sphere Entertainment Company 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.