Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 59.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,920 shares of the company's stock after selling 7,094 shares during the period. Exchange Traded Concepts LLC's holdings in Sphere Entertainment were worth $198,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPHR. FMR LLC boosted its stake in shares of Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company's stock worth $4,680,000 after buying an additional 47,635 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Sphere Entertainment in the 3rd quarter worth $788,000. Zacks Investment Management raised its holdings in Sphere Entertainment by 15.3% during the 3rd quarter. Zacks Investment Management now owns 111,687 shares of the company's stock valued at $4,750,000 after buying an additional 14,812 shares during the period. Barclays PLC grew its stake in shares of Sphere Entertainment by 295.6% during the third quarter. Barclays PLC now owns 66,045 shares of the company's stock valued at $2,809,000 after buying an additional 49,351 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Sphere Entertainment by 98.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 78,714 shares of the company's stock valued at $3,348,000 after buying an additional 39,147 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Up 5.0 %

Shares of SPHR stock traded up $2.25 on Wednesday, hitting $47.48. The stock had a trading volume of 750,572 shares, compared to its average volume of 672,303. Sphere Entertainment Co. has a 1 year low of $32.10 and a 1 year high of $51.83. The company's 50 day moving average price is $40.81 and its 200-day moving average price is $42.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $1.68 billion, a P/E ratio of -4.52 and a beta of 1.39.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share 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 business had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. During the same quarter last year, the company earned $1.90 EPS. The business's quarterly revenue was up 93.1% on a year-over-year basis. Analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SPHR shares. Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, November 13th. Guggenheim decreased their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Finally, Morgan Stanley cut their price objective on Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $47.75.

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.