Marshall Wace LLP Raises Position in Sphere Entertainment Co. (NYSE:SPHR)

Marshall Wace LLP increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 349.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,807 shares of the company’s stock after purchasing an additional 101,682 shares during the period. Marshall Wace LLP owned 0.37% of Sphere Entertainment worth $4,586,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SPHR. Gabelli Funds LLC grew its holdings in Sphere Entertainment by 1.8% in the 4th quarter. Gabelli Funds LLC now owns 669,870 shares of the company’s stock valued at $22,749,000 after buying an additional 11,700 shares during the period. Seven Eight Capital LP grew its holdings in Sphere Entertainment by 145.1% in the fourth quarter. Seven Eight Capital LP now owns 64,653 shares of the company’s stock valued at $2,196,000 after purchasing an additional 38,271 shares during the period. Caxton Associates LP increased its position in Sphere Entertainment by 127.5% during the fourth quarter. Caxton Associates LP now owns 56,581 shares of the company’s stock worth $1,921,000 after purchasing an additional 31,713 shares during the last quarter. Greenhaven Road Investment Management L.P. raised its stake in Sphere Entertainment by 18.3% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 225,000 shares of the company’s stock worth $7,641,000 after purchasing an additional 34,789 shares during the period. Finally, Vanguard Group Inc. raised its stake in Sphere Entertainment by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock worth $94,741,000 after purchasing an additional 100,311 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Down 0.8 %

Shares of NYSE:SPHR opened at $43.84 on Wednesday. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 4.03 and a beta of 1.41. The company has a 50 day moving average of $43.65 and a two-hundred day moving average of $41.36. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83. 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 quarterly 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. The firm had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The firm’s quarterly revenue was up 111.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $15.43 EPS. As a group, analysts forecast that Sphere Entertainment Co. will post -9.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Bank of America dropped their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Guggenheim raised their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Benchmark reaffirmed 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 target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. Finally, Macquarie lifted their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $49.17.

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.