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

Janney Montgomery Scott LLC bought a new position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,879 shares of the company's stock, valued at approximately $225,000.

A number of other large investors also recently bought and sold shares of SPHR. Sterling Capital Management LLC raised its holdings in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC acquired a new position in Sphere Entertainment in the 4th quarter worth about $40,000. Tower Research Capital LLC TRC raised its holdings in Sphere Entertainment by 108.1% in the 4th 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 during the period. Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the 4th quarter worth about $93,000. Finally, Jefferies Financial Group Inc. acquired a new position in Sphere Entertainment in the 4th quarter worth about $202,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Price Performance

SPHR stock opened at $43.31 on Monday. 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 business has a 50 day simple moving average of $37.03 and a 200-day simple moving average of $37.41. The firm has a market capitalization of $1.55 billion, a PE ratio of -4.32 and a beta of 1.66. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.88.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Morgan Stanley reduced their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. increased their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Benchmark reissued a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a report on Monday, May 19th. Susquehanna assumed coverage on Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 target price for the company. Finally, The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock 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.

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