Charles Schwab Investment Management Inc. Raises Stake in Sphere Entertainment Co. (NYSE:SPHR)

Charles Schwab Investment Management Inc. boosted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 219,792 shares of the company’s stock after buying an additional 2,187 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.62% of Sphere Entertainment worth $9,710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SPHR. Blue Trust Inc. purchased a new position in Sphere Entertainment in the second quarter valued at $27,000. OFI Invest Asset Management acquired a new position in Sphere Entertainment in the 2nd quarter worth about $257,000. Carnegie Investment Counsel boosted its position in Sphere Entertainment by 42.0% during the second quarter. Carnegie Investment Counsel now owns 149,060 shares of the company’s stock worth $5,226,000 after purchasing an additional 44,060 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Sphere Entertainment by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 163,099 shares of the company’s stock worth $5,718,000 after purchasing an additional 5,575 shares in the last quarter. Finally, GAM Holding AG acquired a new stake in Sphere Entertainment in the second quarter valued at approximately $421,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Trading Down 3.2 %

NYSE:SPHR opened at $37.81 on Tuesday. 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 stock has a fifty day simple moving average of $42.90 and a 200-day simple moving average of $41.60. The company has a market capitalization of $1.34 billion, a PE ratio of -3.60 and a beta of 1.38.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Macquarie reduced their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Benchmark reaffirmed a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the company from $37.00 to $57.00 in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $50.43.

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.