Rhumbline Advisers Has $1.48 Million Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Rhumbline Advisers cut its position in Sphere Entertainment Co. (NYSE:SPHR) by 4.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,105 shares of the company’s stock after selling 2,287 shares during the period. Rhumbline Advisers owned 0.13% of Sphere Entertainment worth $1,476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPHR. Steadfast Capital Management LP boosted its position in Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. Ariel Investments LLC boosted its position in Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after buying an additional 394,050 shares in the last quarter. Norges Bank acquired a new position in Sphere Entertainment in the fourth quarter valued at about $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment in the fourth quarter valued at about $11,286,000. Finally, Alliancebernstein L.P. raised its stake in shares of Sphere Entertainment by 929.8% in the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after acquiring an additional 258,123 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPHR has been the subject of a number of recent research reports. Benchmark reissued a “sell” rating and set a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. Macquarie reduced their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, May 21st. Morgan Stanley reduced their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, April 10th. Finally, Susquehanna initiated coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They issued a “positive” rating and a $37.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $45.78.

Sphere Entertainment Stock Up 0.6%

Sphere Entertainment stock opened at $38.42 on Thursday. The stock has a market capitalization of $1.38 billion, a PE ratio of -3.83 and a beta of 1.65. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.88. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average of $33.41 and a 200-day moving average of $37.18.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The business had revenue of $280.57 million during the quarter, compared to analysts’ expectations of $285.01 million. During the same quarter in the prior year, the company posted ($1.33) earnings per share. The firm’s revenue was down 12.7% on a year-over-year basis. On average, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

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.