Sphere Entertainment Co. (NYSE:SPHR) Shares Acquired by Quantbot Technologies LP

Quantbot Technologies LP lifted its stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 582.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,731 shares of the company's stock after purchasing an additional 17,694 shares during the period. Quantbot Technologies LP owned 0.06% of Sphere Entertainment worth $916,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in shares of Sphere Entertainment during the second quarter worth $27,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $54,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 purchasing an additional 810 shares during the last quarter. Quent Capital LLC increased its position in Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company's stock worth $141,000 after buying an additional 1,376 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new stake in Sphere Entertainment in the 3rd quarter worth about $216,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPHR. Macquarie lowered their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, November 13th. Benchmark reissued a "sell" rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Bank of America lowered their price target on 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 upgraded shares of Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price target for the company in a research report on Wednesday, October 2nd. Finally, Guggenheim raised their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. 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. According to MarketBeat, Sphere Entertainment currently has a consensus rating of "Hold" and an average target price of $50.43.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR traded up $0.09 during midday trading on Monday, reaching $41.24. 253,039 shares of the company were exchanged, compared to its average volume of 743,942. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.46 billion, a PE ratio of -3.92 and a beta of 1.41. Sphere Entertainment Co. has a one year low of $27.02 and a one year high of $51.83. The business's fifty day moving average is $43.29 and its two-hundred day moving average is $41.50.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $227.90 million for the quarter, compared to analysts' expectations of $229.86 million. During the same quarter in the previous year, the business posted $1.90 earnings per share. The business's revenue was up 93.1% compared to the same quarter last year. As a group, analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share 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.