Central Pacific Bank Trust Division Boosts Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Central Pacific Bank Trust Division increased its position in Sphere Entertainment Co. (NYSE:SPHR) by 5.3% in the 4th quarter, HoldingsChannel reports. The fund owned 9,946 shares of the company’s stock after buying an additional 500 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Sphere Entertainment were worth $401,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Sphere Entertainment by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 163,099 shares of the company’s stock worth $5,718,000 after purchasing an additional 5,575 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 worth $188,000 after buying an additional 1,425 shares during the period. Rhumbline Advisers increased its stake in Sphere Entertainment by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 48,683 shares of the company’s stock worth $1,707,000 after buying an additional 943 shares in the last quarter. Victory Capital Management Inc. increased its stake in Sphere Entertainment by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 22,167 shares of the company’s stock worth $777,000 after buying an additional 3,033 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Sphere Entertainment by 134.4% in the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SPHR shares. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday, October 2nd. Guggenheim lifted their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America dropped their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Finally, 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 report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $42.46 on Friday. Sphere Entertainment Co. has a 52-week low of $29.70 and a 52-week high of $51.83. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -4.04 and a beta of 1.38. The firm’s fifty day moving average is $40.42 and its 200 day moving average is $41.80. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same quarter last year, the firm earned $1.90 EPS. The firm’s revenue for the quarter was up 93.1% compared to the same quarter last year. Sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

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.