Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 17.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,014 shares of the company’s stock after selling 2,604 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Sphere Entertainment were worth $531,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SPHR. Ariel Investments LLC boosted its position in shares of Sphere Entertainment by 8.2% during the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after acquiring an additional 419,581 shares in the last quarter. Millennium Management LLC increased its stake in Sphere Entertainment by 356.8% in the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after purchasing an additional 261,857 shares during the last quarter. Bornite Capital Management LP acquired a new stake in Sphere Entertainment during the first quarter worth approximately $9,816,000. Renaissance Technologies LLC raised its holdings in Sphere Entertainment by 134.4% during the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after purchasing an additional 190,600 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. lifted its position in shares of Sphere Entertainment by 4.4% during 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 buying an additional 106,651 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 2.7 %

Sphere Entertainment stock opened at $46.36 on Friday. The stock has a 50 day moving average of $44.72 and a two-hundred day moving average of $41.25. Sphere Entertainment Co. has a twelve month low of $27.02 and a twelve month high of $51.83. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 4.26 and a beta of 1.41. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping the consensus estimate of ($2.47) by $0.47. The firm had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same period last year, the company earned $15.43 earnings per share. As a group, research analysts expect that Sphere Entertainment Co. will post -9.6 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 2nd. Bank of America reduced 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. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie lifted their price target on Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Finally, Benchmark reissued a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.71.

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.