Bank of New York Mellon Corp Buys 5,575 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Bank of New York Mellon Corp grew its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 3.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 163,099 shares of the company’s stock after purchasing an additional 5,575 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.46% of Sphere Entertainment worth $5,718,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Ariel Investments LLC grew its holdings in Sphere Entertainment by 2.7% in the 1st quarter. Ariel Investments LLC now owns 5,118,540 shares of the company’s stock worth $251,218,000 after acquiring an additional 135,641 shares during the last quarter. Vanguard Group Inc. grew its holdings in Sphere Entertainment by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after acquiring an additional 17,613 shares during the last quarter. Jericho Capital Asset Management L.P. grew its holdings in Sphere Entertainment by 4.4% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock worth $124,804,000 after acquiring an additional 106,651 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Sphere Entertainment by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after acquiring an additional 299,931 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in shares of Sphere Entertainment by 7.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock worth $47,145,000 after purchasing an additional 69,001 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

SPHR has been the subject of several research analyst reports. Guggenheim dropped their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Morgan Stanley raised their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. Macquarie raised their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Benchmark reaffirmed a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $37.00 to $57.00 in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $45.83.

Sphere Entertainment Stock Down 0.9 %

Shares of Sphere Entertainment stock opened at $41.39 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $1.46 billion, a PE ratio of 3.80 and a beta of 1.41. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83. The company has a 50-day simple moving average of $43.78 and a two-hundred day simple moving average of $41.80.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.47) by $0.47. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business’s revenue for the quarter was up 111.8% compared to the same quarter last year. During the same period in the previous year, the company earned $15.43 earnings per share. On average, analysts anticipate that Sphere Entertainment Co. will post -6.9 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.