Empowered Funds LLC Purchases 8,751 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Empowered Funds LLC increased its stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 179,798 shares of the company's stock after purchasing an additional 8,751 shares during the period. Empowered Funds LLC owned approximately 0.51% of Sphere Entertainment worth $7,249,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company's stock valued at $991,000 after acquiring an additional 271 shares during the last quarter. Covestor Ltd boosted its stake in shares of Sphere Entertainment by 3.5% during the third quarter. Covestor Ltd now owns 9,077 shares of the company's stock valued at $401,000 after purchasing an additional 305 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Sphere Entertainment by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company's stock valued at $462,000 after purchasing an additional 359 shares during the period. Central Pacific Bank Trust Division boosted its stake in shares of Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company's stock valued at $401,000 after purchasing an additional 500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $111,000 after purchasing an additional 810 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on SPHR shares. Guggenheim dropped their price target on Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, November 12th. Macquarie dropped their price target on Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, November 13th. Finally, Morgan Stanley lowered their price objective on Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four 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 target price of $47.75.

Sphere Entertainment Stock Performance

NYSE SPHR traded up $0.86 during trading hours on Friday, hitting $48.26. The company's stock had a trading volume of 479,049 shares, compared to its average volume of 633,248. Sphere Entertainment Co. has a 12 month low of $32.10 and a 12 month high of $51.83. The company's 50 day simple moving average is $41.80 and its two-hundred day simple moving average is $42.83. The company has a market cap of $1.71 billion, a P/E ratio of -4.60 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

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