Geode Capital Management LLC Raises Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Geode Capital Management LLC increased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 613,008 shares of the company’s stock after buying an additional 7,434 shares during the period. Geode Capital Management LLC owned about 1.73% of Sphere Entertainment worth $27,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ariel Investments LLC boosted its position in Sphere Entertainment by 8.2% during the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after acquiring an additional 419,581 shares in the last quarter. Millennium Management LLC boosted its position in Sphere Entertainment by 356.8% during the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after purchasing an additional 261,857 shares in the last quarter. Renaissance Technologies LLC boosted its position in 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 purchasing an additional 190,600 shares in the last quarter. Clearline Capital LP purchased a new position in Sphere Entertainment in the third quarter valued at about $5,607,000. Finally, Marshall Wace LLP lifted its position in shares of Sphere Entertainment by 349.1% during the second quarter. Marshall Wace LLP now owns 130,807 shares of the company’s stock valued at $4,586,000 after buying an additional 101,682 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SPHR shares. Bank of America cut their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. 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 note on Wednesday, November 13th. Benchmark reaffirmed a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Wednesday, October 2nd. Finally, Guggenheim upped their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.43.

Sphere Entertainment Stock Down 0.2 %

Shares of NYSE SPHR opened at $38.34 on Friday. Sphere Entertainment Co. has a 52-week low of $29.70 and a 52-week high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company’s 50-day simple moving average is $40.93 and its 200-day simple moving average is $41.65. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -3.65 and a beta of 1.38.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. The business had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s revenue was up 93.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 earnings per share. Equities analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal 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.