Balyasny Asset Management L.P. decreased its stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 34.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 709,330 shares of the company's stock after selling 366,983 shares during the quarter. Balyasny Asset Management L.P. owned approximately 2.01% of Sphere Entertainment worth $28,600,000 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. Ariel Investments LLC increased its position in Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock worth $231,606,000 after buying an additional 394,050 shares in the last quarter. Norges Bank bought a new stake in Sphere Entertainment during the 4th quarter valued at approximately $14,432,000. Wealthfront Advisers LLC bought a new stake in Sphere Entertainment during the 4th quarter valued at approximately $11,286,000. Alliancebernstein L.P. raised its stake in Sphere Entertainment by 929.8% during the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock valued at $11,527,000 after purchasing an additional 258,123 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new stake in Sphere Entertainment during the 4th quarter valued at approximately $7,137,000. Hedge funds and other institutional investors own 92.03% of the company's stock.
Analyst Ratings Changes
Several analysts recently issued reports on SPHR shares. Susquehanna started coverage on Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Morgan Stanley decreased their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 10th. Benchmark reissued a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the company a "buy" rating in a research note on Friday, April 18th. Finally, JPMorgan Chase & Co. dropped their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Sphere Entertainment currently has an average rating of "Hold" and an average target price of $46.22.
Check Out Our Latest Research Report on Sphere Entertainment
Sphere Entertainment Price Performance
Sphere Entertainment stock traded up $3.20 during midday trading on Monday, reaching $35.71. 617,765 shares of the stock traded hands, compared to its average volume of 812,372. The stock's fifty day moving average is $29.96 and its 200-day moving average is $37.89. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $50.88. The stock has a market cap of $1.28 billion, a P/E ratio of -3.40 and a beta of 1.51. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.
Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.48) by $0.21. The business had revenue of $280.57 million during the quarter, compared to analyst estimates of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period last year, the company earned ($1.33) EPS. As a group, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.
Insider Activity
In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 25.08% of the company's stock.
About Sphere Entertainment
(
Free Report)
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.
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