O Keefe Stevens Advisory Inc. Acquires 9,386 Shares of Sphere Entertainment Co. $SPHR

Key Points

• O Keefe Stevens Advisory Inc. increased its stake in Sphere Entertainment Co. by 4.7%, acquiring an additional 9,386 shares, bringing its total holdings to approximately $8.7 million.
• Several institutional investors, including Boyar Asset Management Inc. and GAMMA Investing LLC, have also adjusted their positions in Sphere Entertainment, with 92.03% of the stock now held by institutional investors.
• Sphere Entertainment reported earnings of $3.39 EPS for the last quarter, exceeding expectations, while analysts maintain a consensus rating of "Hold" with a price target of $53.25.

O Keefe Stevens Advisory Inc. raised its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 4.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 208,182 shares of the company's stock after purchasing an additional 9,386 shares during the period. Sphere Entertainment makes up about 2.4% of O Keefe Stevens Advisory Inc.'s portfolio, making the stock its 18th largest holding. O Keefe Stevens Advisory Inc. owned approximately 0.58% of Sphere Entertainment worth $8,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Boyar Asset Management Inc. raised its position in shares of Sphere Entertainment by 2.3% in the 2nd quarter. Boyar Asset Management Inc. now owns 42,993 shares of the company's stock valued at $1,797,000 after buying an additional 962 shares in the last quarter. North Star Investment Management Corp. raised its position in shares of Sphere Entertainment by 4.7% in the 2nd quarter. North Star Investment Management Corp. now owns 140,615 shares of the company's stock valued at $5,878,000 after buying an additional 6,310 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company's stock valued at $31,000 after buying an additional 363 shares in the last quarter. Empowered Funds LLC raised its position in shares of Sphere Entertainment by 2.1% in the 1st quarter. Empowered Funds LLC now owns 183,515 shares of the company's stock valued at $6,005,000 after buying an additional 3,717 shares in the last quarter. Finally, Caxton Associates LLP acquired a new position in shares of Sphere Entertainment in the 1st quarter valued at approximately $2,325,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

SPHR stock opened at $63.08 on Friday. The company has a 50 day simple moving average of $49.33 and a 200 day simple moving average of $40.43. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -11.86 and a beta of 1.79. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $68.00. 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 announced its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The firm had revenue of $282.68 million during the quarter, compared to analysts' expectations of $280.23 million. During the same period in the prior year, the company posted ($2.00) EPS. The company's revenue was up 3.4% on a year-over-year basis. Research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Guggenheim boosted their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. The Goldman Sachs Group upped their price objective on shares of Sphere Entertainment from $50.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sphere Entertainment in a research report on Saturday, September 27th. Finally, Craig Hallum began coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Sphere Entertainment currently has an average rating of "Hold" and a consensus price target of $53.25.

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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