Jump Financial LLC Has $826,000 Stock Holdings in Sphere Entertainment Co. $SPHR

Key Points

• Jump Financial LLC has reduced its stake in Sphere Entertainment Co. by 55.2%, owning approximately 25,232 shares after selling 31,068 shares in the 1st quarter.
• Despite this decrease, other institutional investors are actively changing their stakes, with Tower Research Capital LLC increasing its holdings by 108.1% in the same period.
• Analysts have mixed opinions on Sphere Entertainment, with a majority rating it as a "Moderate Buy" and a target price averaging $49.50.

Jump Financial LLC decreased its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 55.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,232 shares of the company's stock after selling 31,068 shares during the period. Jump Financial LLC owned 0.07% of Sphere Entertainment worth $826,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in Sphere Entertainment in the first quarter valued at about $225,000. Atria Wealth Solutions Inc. bought a new position in Sphere Entertainment in the first quarter valued at about $279,000. Capital Fund Management S.A. lifted its stake in Sphere Entertainment by 48.4% in the first quarter. Capital Fund Management S.A. now owns 92,277 shares of the company's stock valued at $3,019,000 after buying an additional 30,093 shares during the period. SG Americas Securities LLC lifted its stake in Sphere Entertainment by 765.8% in the first quarter. SG Americas Securities LLC now owns 99,597 shares of the company's stock valued at $3,259,000 after buying an additional 88,093 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Sphere Entertainment by 4,769.5% in the first quarter. GAMMA Investing LLC now owns 12,466 shares of the company's stock valued at $381,000 after buying an additional 12,210 shares during the period. Institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPHR. Guggenheim increased their target price on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. 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 research note on Wednesday, May 21st. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Morgan Stanley increased their target price on Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Finally, Benchmark reissued a "sell" rating and issued a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Stock Up 1.4%

Shares of NYSE SPHR traded up $0.61 during mid-day trading on Tuesday, reaching $45.92. 812,119 shares of the company's stock were exchanged, compared to its average volume of 849,466. The business has a fifty day simple moving average of $42.72 and a 200 day simple moving average of $37.42. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $49.73. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -8.63 and a beta of 1.74. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported $3.39 earnings per share (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 for the quarter, compared to analyst estimates of $280.23 million. During the same quarter last year, the firm earned ($2.00) EPS. Sphere Entertainment's revenue for the quarter was up 3.4% 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.

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.