Man Group plc Purchases Shares of 38,488 Sphere Entertainment Co. (NYSE:SPHR)

Man Group plc purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 38,488 shares of the company's stock, valued at approximately $1,552,000. Man Group plc owned about 0.11% of Sphere Entertainment as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Sterling Capital Management LLC raised its stake in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Sphere Entertainment during the fourth quarter worth approximately $40,000. Tower Research Capital LLC TRC increased its holdings in shares of Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. increased its holdings in shares of Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock worth $67,000 after purchasing an additional 912 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in shares of Sphere Entertainment during the fourth quarter worth approximately $202,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock traded down $0.15 on Wednesday, reaching $37.86. 222,534 shares of the company traded hands, compared to its average volume of 887,858. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $50.88. The company has a 50 day moving average of $31.04 and a 200 day moving average of $37.47. The firm has a market capitalization of $1.36 billion, a PE ratio of -3.62 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating analysts' consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned ($1.33) EPS. Equities analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 25.08% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SPHR shares. Susquehanna started coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Morgan Stanley lowered their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Guggenheim raised their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Finally, Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. One 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 company. According to MarketBeat, Sphere Entertainment has a consensus rating of "Hold" and an average price target of $45.78.

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.