Carnegie Investment Counsel Purchases 18,160 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Carnegie Investment Counsel lifted its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 12.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,220 shares of the company's stock after buying an additional 18,160 shares during the period. Carnegie Investment Counsel owned about 0.47% of Sphere Entertainment worth $7,388,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SPHR. Ariel Investments LLC increased its stake in Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company's stock valued at $194,167,000 after buying an additional 419,581 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company's stock valued at $137,787,000 after acquiring an additional 17,613 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in Sphere Entertainment by 4.4% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company's stock worth $124,804,000 after acquiring an additional 106,651 shares during the period. Gamco Investors INC. ET AL lifted its holdings in Sphere Entertainment by 7.7% during the first quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company's stock worth $47,145,000 after acquiring an additional 69,001 shares during the period. Finally, Gabelli Funds LLC boosted its position in Sphere Entertainment by 0.6% in the first quarter. Gabelli Funds LLC now owns 673,826 shares of the company's stock worth $33,071,000 after purchasing an additional 3,956 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SPHR shares. Guggenheim lifted their target price on Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Morgan Stanley boosted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday, July 11th. Bank of America reduced 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. Wolfe Research raised 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 report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $37.00 to $57.00 in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of "Hold" and an average price target of $50.71.

Sphere Entertainment Stock Performance

SPHR stock traded up $1.49 during midday trading on Monday, reaching $45.97. 3,061,765 shares of the company's stock traded hands, compared to its average volume of 740,536. The firm has a market capitalization of $1.62 billion, a PE ratio of 4.30 and a beta of 1.41. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The company has a 50-day moving average price of $43.95 and a two-hundred day moving average price of $41.25.

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