Fmr LLC Reduces Position in Sphere Entertainment Co. (NYSE:SPHR)

FMR LLC decreased its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 98.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,234 shares of the company's stock after selling 410,936 shares during the period. FMR LLC's holdings in Sphere Entertainment were worth $275,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Quantbot Technologies LP raised its holdings in Sphere Entertainment by 582.6% in the third quarter. Quantbot Technologies LP now owns 20,731 shares of the company's stock worth $916,000 after purchasing an additional 17,694 shares in the last quarter. Horizon Kinetics Asset Management LLC lifted its position in Sphere Entertainment by 7.9% during the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 56,728 shares of the company's stock valued at $2,506,000 after acquiring an additional 4,157 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Sphere Entertainment in the third quarter worth about $342,000. Charles Schwab Investment Management Inc. increased its stake in shares of Sphere Entertainment by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 219,792 shares of the company's stock valued at $9,710,000 after purchasing an additional 2,187 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Sphere Entertainment during the third quarter valued at approximately $320,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Price Performance

SPHR traded up $1.91 during trading hours on Friday, hitting $38.70. The company's stock had a trading volume of 1,116,229 shares, compared to its average volume of 751,235. Sphere Entertainment Co. has a 12 month low of $29.70 and a 12 month high of $51.83. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -3.69 and a beta of 1.38. The business's 50-day moving average price is $41.68 and its 200-day moving average price is $41.66. 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 announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts' consensus estimates of ($3.32) by $0.37. The firm had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm's revenue for the quarter was up 93.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.90 EPS. Sell-side analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SPHR shares. Guggenheim raised their price objective on Sphere Entertainment from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, September 19th. Macquarie cut their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, November 13th. Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a "neutral" rating on the stock in a report on Tuesday, September 17th. 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 research report on Wednesday, October 2nd. Finally, Benchmark reissued a "sell" rating and issued a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $50.43.

Sphere Entertainment Company 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.