Garden State Investment Advisory Services LLC Invests $416,000 in Sphere Entertainment Co. (NYSE:SPHR)

Garden State Investment Advisory Services LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 11,873 shares of the company’s stock, valued at approximately $416,000.

A number of other institutional investors have also modified their holdings of the company. XTX Topco Ltd acquired a new stake in Sphere Entertainment during the 2nd quarter valued at $235,000. Renaissance Technologies LLC grew its stake in shares of Sphere Entertainment by 134.4% during the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Sphere Entertainment by 15.9% during the second quarter. Victory Capital Management Inc. now owns 22,167 shares of the company’s stock worth $777,000 after acquiring an additional 3,033 shares during the last quarter. Allegheny Financial Group LTD boosted its holdings in Sphere Entertainment by 57.6% in the second quarter. Allegheny Financial Group LTD now owns 8,415 shares of the company’s stock valued at $295,000 after purchasing an additional 3,074 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Sphere Entertainment by 2.0% during the 2nd quarter. Rhumbline Advisers now owns 48,683 shares of the company’s stock valued at $1,707,000 after purchasing an additional 943 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SPHR. Macquarie increased their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Bank of America decreased their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Guggenheim increased their target price on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.17.

Sphere Entertainment Trading Down 3.9 %

Sphere Entertainment stock opened at $41.09 on Friday. The firm has a 50-day moving average price of $43.83 and a two-hundred day moving average price of $41.74. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 3.77 and a beta of 1.41. 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 issued its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The business had revenue of $273.40 million during the quarter, compared to analyst estimates of $271.28 million. During the same period in the prior year, the company posted $15.43 EPS. The business’s revenue for the quarter was up 111.8% compared to the same quarter last year. Sell-side analysts expect that Sphere Entertainment Co. will post -6.9 earnings per share for the current year.

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.