Barclays PLC Sells 233,516 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Barclays PLC cut its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 64.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,713 shares of the company’s stock after selling 233,516 shares during the quarter. Barclays PLC owned about 0.37% of Sphere Entertainment worth $5,775,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SPHR. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment during the second quarter worth approximately $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment during the 2nd quarter worth approximately $54,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Sphere Entertainment by 46.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after purchasing an additional 810 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Sphere Entertainment by 36.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after buying an additional 1,425 shares in the last quarter. Finally, Quent Capital LLC increased its position in Sphere Entertainment by 15.5% during the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after buying an additional 624 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Macquarie reduced their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Guggenheim increased their target price 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 price target for the company in a research report on Wednesday, October 2nd. Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Finally, Bank of America lowered their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $38.70 on Friday. The company’s 50 day simple moving average is $41.68 and its 200 day simple moving average is $41.63. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 1 year low of $29.70 and a 1 year high of $51.83. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -3.69 and a beta of 1.38.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, beating 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 company had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. During the same quarter last year, the company posted $1.90 EPS. The company’s revenue for the quarter was up 93.1% compared to the same quarter last year. As a group, research analysts predict 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.