41,549 Shares in Sphere Entertainment Co. (NYSE:SPHR) Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. has acquired a new stake in Sphere Entertainment Co., purchasing 41,549 shares valued at about $1.36 million.
• Institutional investors currently hold 92.03% of Sphere Entertainment's shares, indicating strong institutional interest in the company.
• Sphere Entertainment reported an EPS of ($2.27) for the quarter, exceeding estimates, but experienced a 12.7% decline in revenue compared to the previous year.

Envestnet Asset Management Inc. purchased a new position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 41,549 shares of the company's stock, valued at approximately $1,359,000. Envestnet Asset Management Inc. owned 0.12% of Sphere Entertainment at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its stake in Sphere Entertainment by 10.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock valued at $299,000 after buying an additional 721 shares during the period. American Century Companies Inc. increased its stake in Sphere Entertainment by 10.8% in the 4th quarter. American Century Companies Inc. now owns 61,928 shares of the company's stock valued at $2,497,000 after buying an additional 6,050 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Sphere Entertainment in the 4th quarter valued at approximately $234,000. LPL Financial LLC increased its stake in Sphere Entertainment by 24.6% in the 4th quarter. LPL Financial LLC now owns 26,016 shares of the company's stock valued at $1,049,000 after buying an additional 5,135 shares during the period. Finally, Vanguard Group Inc. increased its stake in Sphere Entertainment by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after buying an additional 29,402 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

NYSE SPHR traded up $0.13 during trading hours on Monday, reaching $40.84. The company's stock had a trading volume of 127,774 shares, compared to its average volume of 796,657. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $50.88. The company's 50-day moving average is $41.20 and its two-hundred day moving average is $37.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -4.08 and a beta of 1.71.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, beating the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The firm had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. During the same quarter last year, the firm earned ($1.33) earnings per share. The business's revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley decreased their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, April 10th. Craig Hallum assumed coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective for the company. JPMorgan Chase & Co. upped their price objective 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. Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Guggenheim upped their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $48.70.

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.