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. acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 41,549 shares of the company's stock, valued at approximately $1,359,000. Envestnet Asset Management Inc. owned approximately 0.12% of Sphere Entertainment as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new position in Sphere Entertainment in the 1st quarter worth $225,000. Vanguard Group Inc. raised its position in Sphere Entertainment by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after purchasing an additional 29,402 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at about $2,656,000. Norges Bank purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at about $14,432,000. Finally, Jump Financial LLC increased its position in shares of Sphere Entertainment by 431.1% in the fourth quarter. Jump Financial LLC now owns 56,300 shares of the company's stock valued at $2,270,000 after acquiring an additional 45,700 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Down 5.5%

SPHR traded down $2.35 on Friday, hitting $40.70. The company had a trading volume of 766,980 shares, compared to its average volume of 581,083. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $50.88. The stock has a fifty day simple moving average of $41.13 and a 200-day simple moving average of $37.93. The firm has a market capitalization of $1.46 billion, a P/E ratio of -4.06 and a beta of 1.71.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The business had revenue of $280.57 million during the quarter, compared to analyst estimates of $285.01 million. During the same period last year, the business posted ($1.33) earnings per share. Sphere Entertainment's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SPHR shares. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Morgan Stanley decreased their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group set a $36.00 price objective on shares of Sphere Entertainment and gave the company a "buy" rating in a research report on Friday, April 18th. JPMorgan Chase & Co. boosted their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Finally, Guggenheim boosted their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of "Hold" and an average price target of $48.70.

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.