Pinnacle Associates Ltd. Has $278,000 Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Pinnacle Associates Ltd. lessened its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 93.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,301 shares of the company's stock after selling 96,269 shares during the period. Pinnacle Associates Ltd.'s holdings in Sphere Entertainment were worth $278,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Blue Trust Inc. bought a new position in shares of Sphere Entertainment during the second quarter valued at approximately $27,000. Summit Securities Group LLC bought a new stake in Sphere Entertainment in the second quarter worth about $54,000. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment during the first quarter valued at approximately $85,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 worth $111,000 after acquiring an additional 810 shares during the last quarter. Finally, Quent Capital LLC increased its stake in Sphere Entertainment by 51.8% in the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company's stock worth $141,000 after purchasing an additional 1,376 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

SPHR traded down $0.15 on Monday, hitting $41.87. The company had a trading volume of 557,461 shares, compared to its average volume of 739,462. Sphere Entertainment Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The company's fifty day moving average price is $44.17 and its 200 day moving average price is $41.24. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -7.42 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. During the same period in the prior year, the firm earned $15.43 EPS. Sphere Entertainment's quarterly revenue was up 111.8% compared to the same quarter last year. Equities analysts predict that Sphere Entertainment Co. will post -9.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on SPHR shares. Wolfe Research upgraded shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 target price for the company in a report on Wednesday, October 2nd. Macquarie reiterated a "neutral" rating and set a $47.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, October 23rd. Benchmark reissued a "sell" rating and issued a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Bank of America cut 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, Guggenheim raised their price target on Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $50.71.

Sphere Entertainment 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.