JPMorgan Chase & Co. Raises Holdings in Sphere Entertainment Co. (NYSE:SPHR)

JPMorgan Chase & Co. raised its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 98.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 78,714 shares of the company's stock after acquiring an additional 39,147 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.16% of Sphere Entertainment worth $3,348,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quent Capital LLC increased its position in Sphere Entertainment by 913.8% in the third quarter. Quent Capital LLC now owns 659 shares of the company's stock worth $28,000 after buying an additional 594 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Sphere Entertainment by 46.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company's stock worth $111,000 after purchasing an additional 810 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sphere Entertainment during the third quarter worth about $187,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Sphere Entertainment during the third quarter worth about $216,000. Finally, Tidal Investments LLC purchased a new stake in shares of Sphere Entertainment during the third quarter worth about $225,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Down 0.3 %

Shares of Sphere Entertainment stock traded down $0.13 on Monday, reaching $41.40. The company had a trading volume of 1,002,900 shares, compared to its average volume of 622,375. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -3.94 and a beta of 1.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The firm's 50-day moving average price is $40.09 and its two-hundred day moving average price is $42.45. Sphere Entertainment Co. has a 1 year low of $30.03 and a 1 year high of $51.83.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping analysts' consensus estimates of ($3.32) by $0.37. The firm had revenue of $227.90 million during the quarter, compared to analysts' expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company's quarterly revenue was up 93.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 EPS. As a group, research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SPHR. Guggenheim cut their target price on Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Wolfe Research upgraded Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price target for the company in a report on Wednesday, October 2nd. Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, November 13th. Finally, Morgan Stanley cut their price target on Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $47.75.

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.