Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 24.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 7,537 shares of the company’s stock after selling 2,418 shares during the period. Orion Portfolio Solutions LLC’s holdings in Sphere Entertainment were worth $333,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. purchased a new position in Sphere Entertainment during the second quarter worth approximately $27,000. Summit Securities Group LLC purchased a new position in shares of Sphere Entertainment in the 2nd quarter worth $54,000. Mirae Asset Global Investments Co. Ltd. grew its position in Sphere Entertainment by 46.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after acquiring an additional 810 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sphere Entertainment by 36.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock worth $188,000 after acquiring an additional 1,425 shares during the last quarter. Finally, Quent Capital LLC raised its holdings in shares of Sphere Entertainment by 15.5% in the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after purchasing an additional 624 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $36.96 on Thursday. The company’s fifty day moving average price is $41.92 and its two-hundred day moving average price is $41.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $1.31 billion, a P/E ratio of -3.52 and a beta of 1.38. Sphere Entertainment Co. has a 12 month low of $29.70 and a 12 month high of $51.83.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Bank of America decreased their target price 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 increased their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 2nd. Macquarie lowered their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Finally, Benchmark reissued a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus price target of $50.43.

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.