Quest Partners LLC Has $569,000 Position in Sphere Entertainment Co. (NYSE:SPHR)

Quest Partners LLC lifted its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 98,992.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,882 shares of the company's stock after purchasing an additional 12,869 shares during the quarter. Quest Partners LLC's holdings in Sphere Entertainment were worth $569,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Blue Trust Inc. bought a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $27,000. Summit Securities Group LLC bought a new stake in Sphere Entertainment during the 2nd quarter worth approximately $54,000. 1832 Asset Management L.P. acquired a new stake in Sphere Entertainment during the 1st quarter worth approximately $85,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Sphere Entertainment by 46.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company's stock valued at $111,000 after buying an additional 810 shares in the last quarter. Finally, Quent Capital LLC boosted its holdings in shares of Sphere Entertainment by 51.8% in the second quarter. Quent Capital LLC now owns 4,034 shares of the company's stock valued at $141,000 after buying an additional 1,376 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Trading Down 1.8 %

SPHR stock traded down $0.75 during midday trading on Friday, reaching $40.29. 1,082,746 shares of the company were exchanged, compared to its average volume of 777,373. The business has a 50-day moving average price of $43.35 and a two-hundred day moving average price of $41.42. Sphere Entertainment Co. has a one year low of $27.02 and a one year high of $51.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $229.86 million. During the same period in the prior year, the firm earned $1.90 EPS. The business's revenue was up 93.1% on a year-over-year basis. Research analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of research analyst reports. Macquarie dropped their price objective 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. Benchmark restated a "sell" rating and issued a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research upgraded Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a report on Wednesday, October 2nd. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a "neutral" rating to an "overweight" rating and raised their target price for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Finally, Bank of America decreased their price target on Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating for the company in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $50.43.

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.