Verition Fund Management LLC Buys 76,635 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Verition Fund Management LLC lifted its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 235.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 109,184 shares of the company's stock after purchasing an additional 76,635 shares during the quarter. Verition Fund Management LLC owned 0.31% of Sphere Entertainment worth $4,824,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. acquired a new stake in Sphere Entertainment in the 2nd quarter valued at about $27,000. Summit Securities Group LLC acquired a new stake in shares of Sphere Entertainment in the second quarter valued at approximately $54,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Sphere Entertainment by 46.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company's stock worth $111,000 after buying an additional 810 shares in the last quarter. Quent Capital LLC lifted its holdings in Sphere Entertainment by 15.5% during the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company's stock worth $206,000 after buying an additional 624 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in Sphere Entertainment in the 3rd quarter valued at $216,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Shares of SPHR traded down $0.51 during midday trading on Tuesday, reaching $40.54. The stock had a trading volume of 362,869 shares, compared to its average volume of 742,930. The firm has a market cap of $1.43 billion, a PE ratio of -3.86 and a beta of 1.38. The firm has a 50 day simple moving average of $43.27 and a 200-day simple moving average of $41.55. 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 announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $227.90 million for the quarter, compared to the consensus estimate of $229.86 million. During the same quarter in the previous year, the business earned $1.90 earnings per share. The business's revenue was up 93.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

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

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.