Janney Montgomery Scott LLC Makes New $225,000 Investment in Sphere Entertainment Co. (NYSE:SPHR)

Janney Montgomery Scott LLC purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,879 shares of the company's stock, valued at approximately $225,000.

A number of other institutional investors have also recently bought and sold shares of SPHR. US Bancorp DE lifted its position in shares of Sphere Entertainment by 3.8% in the fourth quarter. US Bancorp DE now owns 7,511 shares of the company's stock worth $303,000 after purchasing an additional 276 shares in the last quarter. Boyar Asset Management Inc. lifted its position in shares of Sphere Entertainment by 1.2% in the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company's stock worth $1,793,000 after purchasing an additional 542 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Sphere Entertainment by 108.1% in 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 in the last quarter. Legal & General Group Plc lifted its position in shares of Sphere Entertainment by 2.8% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock worth $1,076,000 after purchasing an additional 720 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Sphere Entertainment by 10.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock worth $299,000 after purchasing an additional 721 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Shares of SPHR traded up $0.67 during trading hours on Thursday, hitting $42.96. The company had a trading volume of 665,012 shares, compared to its average volume of 804,863. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -4.29 and a beta of 1.66. The business has a fifty day moving average of $38.22 and a 200-day moving average of $37.55. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $50.88. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on SPHR. Guggenheim boosted their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wall Street Zen lowered shares of Sphere Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Susquehanna started coverage on shares of Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 price target on the stock. Craig Hallum started coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given 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 Company 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.