SG Americas Securities LLC Takes Position in Sphere Entertainment Co. (NYSE:SPHR)

SG Americas Securities LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 5,705 shares of the company’s stock, valued at approximately $252,000.

Several other large investors also recently modified their holdings of SPHR. Vanguard Group Inc. grew its stake in shares of Sphere Entertainment by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock valued at $94,741,000 after purchasing an additional 100,311 shares during the period. Cannon Global Investment Management LLC bought a new stake in shares of Sphere Entertainment in the 1st quarter valued at approximately $290,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Sphere Entertainment in the 1st quarter valued at approximately $255,000. Redmont Wealth Advisors LLC grew its stake in shares of Sphere Entertainment by 14.5% in the 1st quarter. Redmont Wealth Advisors LLC now owns 15,397 shares of the company’s stock valued at $756,000 after purchasing an additional 1,948 shares during the period. Finally, North Star Investment Management Corp. grew its stake in shares of Sphere Entertainment by 0.5% in the 1st quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock valued at $6,165,000 after purchasing an additional 620 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Stock Down 2.2 %

Shares of SPHR opened at $45.32 on Tuesday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 4.16 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The business’s fifty day moving average price is $44.82 and its two-hundred day moving average price is $41.19. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. The firm 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 business’s quarterly revenue was up 111.8% compared to the same quarter last year. During the same period last year, the company earned $15.43 EPS. On average, analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Benchmark reiterated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Morgan Stanley increased their price target on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. Macquarie increased their price target on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Guggenheim increased their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.71.

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.