Voya Investment Management LLC Sells 578 Shares of Sphere Entertainment Co. $SPHR

Voya Investment Management LLC trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 7.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,390 shares of the company’s stock after selling 578 shares during the period. Voya Investment Management LLC’s holdings in Sphere Entertainment were worth $242,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SPHR. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 9.6% during the 1st quarter. Ariel Investments LLC now owns 6,298,139 shares of the company’s stock valued at $206,075,000 after purchasing an additional 553,947 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares during the period. Deutsche Bank AG raised its position in shares of Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after purchasing an additional 334,500 shares during the period. Northern Trust Corp raised its position in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company’s stock valued at $17,140,000 after purchasing an additional 152,893 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Sphere Entertainment by 765.8% during the 1st quarter. SG Americas Securities LLC now owns 99,597 shares of the company’s stock valued at $3,259,000 after purchasing an additional 88,093 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPHR has been the subject of several research analyst reports. Craig Hallum initiated coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They set a “buy” rating and a $75.00 target price for the company. Wall Street Zen raised shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Guggenheim raised their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Morgan Stanley raised their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group raised their target price on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and an average price target of $54.00.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $62.13 on Tuesday. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $62.85. The stock has a market capitalization of $2.22 billion, a P/E ratio of -11.68 and a beta of 1.74. The firm has a fifty day simple moving average of $47.89 and a two-hundred day simple moving average of $39.61. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The business had revenue of $282.68 million during the quarter, compared to analysts’ expectations of $280.23 million. During the same period last year, the company posted ($2.00) EPS. The business’s revenue was up 3.4% on a year-over-year basis. On average, analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share 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.