California State Teachers Retirement System Cuts Stock Position in Sphere Entertainment Co. $SPHR

Key Points

• California State Teachers Retirement System cut its Sphere Entertainment position by 1.9% in the second quarter, selling 568 shares and retaining 29,687 shares valued at approximately $5.1 million. Institutional investors collectively own 92.03% of the company.
• Sphere Entertainment shares fell 1.4% to $145.34, while the company reported quarterly revenue of $313.64 million, up 10.9% year over year, and a loss of $1.07 per share that beat analyst expectations.
• Analysts remain generally bullish, with a consensus “Moderate Buy” rating and an average price target of $166; recent targets range as high as $208.

California State Teachers Retirement System reduced its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 1.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,687 shares of the company's stock after selling 568 shares during the period. California State Teachers Retirement System owned about 0.08% of Sphere Entertainment worth $5,136,742 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SPHR. Nykredit A S bought a new position in Sphere Entertainment during the second quarter valued at about $79,000. Parallel Advisors LLC increased its stake in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company's stock valued at $55,000 after purchasing an additional 341 shares during the last quarter. Vision Retirement LLC raised its holdings in Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company's stock worth $57,000 after purchasing an additional 133 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter worth $48,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Sphere Entertainment by 93.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 570 shares of the company's stock valued at $54,000 after purchasing an additional 276 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Trading Down 1.4%

Shares of SPHR stock traded down $2.06 during mid-day trading on Tuesday, hitting $145.34. The company's stock had a trading volume of 182,964 shares, compared to its average volume of 757,557. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market cap of $5.22 billion, a PE ratio of -54.21 and a beta of 1.62. The company's fifty day simple moving average is $149.41 and its 200-day simple moving average is $138.78. Sphere Entertainment Co. has a 52 week low of $56.36 and a 52 week high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The firm had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the previous year, the company posted $3.39 earnings per share. The company's revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts expect that Sphere Entertainment Co. will post -2.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SPHR shares. Piper Sandler initiated coverage on shares of Sphere Entertainment in a research note on Thursday, August 20th. They issued an "overweight" rating and a $185.00 price objective on the stock. BTIG Research reiterated a "buy" rating and set a $190.00 price target on shares of Sphere Entertainment in a report on Monday, August 3rd. Guggenheim increased their target price on shares of Sphere Entertainment from $193.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a research note on Tuesday, September 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $166.00.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company's primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.

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