Sphere Entertainment Co. $SPHR Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 95.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 744 shares of the company’s stock after purchasing an additional 363 shares during the period. GAMMA Investing LLC’s holdings in Sphere Entertainment were worth $31,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SPHR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sphere Entertainment by 14.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock worth $1,868,000 after buying an additional 5,849 shares during the period. SG Americas Securities LLC grew its stake in Sphere Entertainment by 765.8% during the first quarter. SG Americas Securities LLC now owns 99,597 shares of the company’s stock worth $3,259,000 after buying an additional 88,093 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Sphere Entertainment during the first quarter worth approximately $225,000. Envestnet Asset Management Inc. purchased a new stake in Sphere Entertainment during the first quarter worth approximately $1,359,000. Finally, Victory Capital Management Inc. grew its stake in Sphere Entertainment by 152.0% during the first quarter. Victory Capital Management Inc. now owns 56,392 shares of the company’s stock worth $1,845,000 after buying an additional 34,015 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on SPHR. Wall Street Zen upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Morgan Stanley upped 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. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Saturday, September 27th. Craig Hallum assumed coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They issued a “buy” rating and a $75.00 target price for the company. Finally, Guggenheim upped 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. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average target price of $53.25.

Sphere Entertainment Trading Down 4.0%

SPHR opened at $63.08 on Monday. The stock has a market capitalization of $2.26 billion, a PE ratio of -11.86 and a beta of 1.79. The firm’s fifty day moving average price is $49.33 and its 200 day moving average price is $40.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $68.00.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.57) by $4.96. The firm had revenue of $282.68 million for the quarter, compared to analysts’ expectations of $280.23 million. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company posted ($2.00) earnings per share. As a group, research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

About Sphere Entertainment

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.