Sphere Entertainment Co. (NYSE:SPHR) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 15.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,167 shares of the company’s stock after purchasing an additional 3,033 shares during the period. Victory Capital Management Inc. owned about 0.06% of Sphere Entertainment worth $777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ariel Investments LLC increased its position in shares of Sphere Entertainment by 2.7% during the first quarter. Ariel Investments LLC now owns 5,118,540 shares of the company’s stock worth $251,218,000 after purchasing an additional 135,641 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares in the last quarter. Jericho Capital Asset Management L.P. increased its position in shares of Sphere Entertainment by 4.4% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock worth $124,804,000 after purchasing an additional 106,651 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Sphere Entertainment by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after acquiring an additional 299,931 shares during the period. Finally, Gamco Investors INC. ET AL increased its position in Sphere Entertainment by 7.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock valued at $47,145,000 after acquiring an additional 69,001 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SPHR. Bank of America dropped their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Morgan Stanley boosted their price target on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Benchmark restated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Macquarie boosted their price target on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.00 to $57.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.17.

Sphere Entertainment Price Performance

Shares of SPHR opened at $41.07 on Friday. The stock’s 50 day moving average is $43.83 and its two-hundred day moving average is $41.70. The firm has a market capitalization of $1.45 billion, a PE ratio of 3.77 and a beta of 1.41. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment Co. has a twelve month low of $27.02 and a twelve month high of $51.83.

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