Invesco Ltd. Purchases 7,183 Shares of Sphere Entertainment Co. $SPHR

Key Points

• Invesco Ltd. increased its stake in Sphere Entertainment Co. by 18.6%, acquiring an additional 7,183 shares, bringing its total holdings to 45,798 shares valued at approximately $1,499,000.
• Multiple institutional investors, including Steadfast Capital Management and Deutsche Bank AG, have significantly increased their positions in Sphere Entertainment, with Steadfast growing its stake by 183.8%.
• According to research analysts, Sphere Entertainment currently has an average rating of "Moderate Buy" with a price target of $49.50, while recent earnings report showed impressive results, with an EPS of $3.39, beating estimates.

Invesco Ltd. grew its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,798 shares of the company's stock after buying an additional 7,183 shares during the quarter. Invesco Ltd. owned approximately 0.13% of Sphere Entertainment worth $1,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in SPHR. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Sphere Entertainment in the 4th quarter valued at $93,000. Headlands Technologies LLC bought a new stake in Sphere Entertainment in the first quarter worth $123,000. Finally, Jefferies Financial Group Inc. acquired a new position in Sphere Entertainment during the fourth quarter worth $202,000. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR traded up $0.61 during mid-day trading on Tuesday, hitting $45.92. The company had a trading volume of 812,119 shares, compared to its average volume of 849,466. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $49.73. The firm has a market cap of $1.64 billion, a P/E ratio of -8.63 and a beta of 1.74. The business's 50-day simple moving average is $42.62 and its 200-day simple moving average is $37.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million during the quarter, compared to analyst estimates of $280.23 million. During the same period in the prior year, the company posted ($2.00) earnings per share. Sphere Entertainment's revenue was up 3.4% on a year-over-year basis. As a group, analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Benchmark reaffirmed a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research report on Monday, May 19th. Guggenheim boosted their target price on 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. increased their price target on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Craig Hallum began coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on shares of Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.50.

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.