Clearline Capital LP Grows Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Clearline Capital LP boosted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 108.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 264,055 shares of the company's stock after buying an additional 137,150 shares during the quarter. Sphere Entertainment accounts for about 1.4% of Clearline Capital LP's portfolio, making the stock its 23rd largest holding. Clearline Capital LP owned about 0.75% of Sphere Entertainment worth $10,647,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Deutsche Bank AG raised its position in Sphere Entertainment by 31.0% during the 4th quarter. Deutsche Bank AG now owns 114,229 shares of the company's stock worth $4,606,000 after buying an additional 27,011 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Sphere Entertainment by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 349,798 shares of the company's stock valued at $14,104,000 after purchasing an additional 8,751 shares in the last quarter. Caxton Associates LP purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $1,825,000. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $40,000. Finally, Ariel Investments LLC increased its holdings in shares of Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after purchasing an additional 394,050 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

SPHR traded up $3.29 on Monday, hitting $35.80. 1,803,635 shares of the company's stock were exchanged, compared to its average volume of 817,050. Sphere Entertainment Co. has a fifty-two week low of $23.89 and a fifty-two week high of $50.88. 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 firm has a 50-day moving average price of $29.96 and a 200-day moving average price of $37.89. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -3.41 and a beta of 1.51.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating the consensus estimate of ($2.48) by $0.21. The firm had revenue of $280.57 million for the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company's revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.33) EPS. As a group, equities analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPHR. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Macquarie cut their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Morgan Stanley dropped their price target on shares of 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. Susquehanna initiated coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 price target on the stock. Finally, Benchmark reissued a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $46.22.

Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 25.08% of the stock is currently owned by corporate insiders.

Sphere Entertainment 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.