Tidal Investments LLC Makes New $225,000 Investment in Sphere Entertainment Co. (NYSE:SPHR)

Tidal Investments LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,100 shares of the company’s stock, valued at approximately $225,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ariel Investments LLC raised its position in Sphere Entertainment by 8.2% in the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after purchasing an additional 419,581 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Sphere Entertainment by 356.8% in the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after buying an additional 261,857 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after buying an additional 190,600 shares during the period. Clearline Capital LP acquired a new stake in Sphere Entertainment in the 3rd quarter valued at $5,607,000. Finally, Marshall Wace LLP grew its position in Sphere Entertainment by 349.1% in the second quarter. Marshall Wace LLP now owns 130,807 shares of the company’s stock valued at $4,586,000 after acquiring an additional 101,682 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Up 1.6 %

Shares of SPHR opened at $38.42 on Thursday. The business’s fifty day moving average price is $41.30 and its two-hundred day moving average price is $41.70. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.66 and a beta of 1.38. Sphere Entertainment Co. has a 52 week low of $29.70 and a 52 week high of $51.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. During the same period last year, the company earned $1.90 earnings per share. The company’s revenue was up 93.1% on a year-over-year basis. On average, analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Benchmark reissued a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Macquarie reduced their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Guggenheim raised their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Wolfe Research raised 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. Finally, Bank of America dropped their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. One 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, Sphere Entertainment has an average rating of “Hold” and an average target price 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.