SG Americas Securities LLC Acquires 88,093 Shares of Sphere Entertainment Co. (NYSE:SPHR)

SG Americas Securities LLC grew its stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 765.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,597 shares of the company's stock after purchasing an additional 88,093 shares during the period. SG Americas Securities LLC owned approximately 0.28% of Sphere Entertainment worth $3,259,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sterling Capital Management LLC boosted its position in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment during the fourth quarter worth $40,000. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% during 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. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the fourth quarter worth $93,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Sphere Entertainment during the fourth quarter worth $202,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPHR shares. Guggenheim upped 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. upped their price target on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Susquehanna initiated coverage on Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 price target for the company. The Goldman Sachs Group set a $36.00 price target on Sphere Entertainment and gave the stock a "buy" rating in a research note on Friday, April 18th. Finally, Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment has a consensus rating of "Hold" and an average price target of $45.78.

Sphere Entertainment Trading Down 3.3%

NYSE:SPHR traded down $1.31 during trading hours on Tuesday, hitting $38.20. 566,052 shares of the stock were exchanged, compared to its average volume of 811,125. The company's 50 day moving average is $33.26 and its two-hundred day moving average is $37.17. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.37 billion, a P/E ratio of -3.81 and a beta of 1.65. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping analysts' consensus estimates of ($2.48) by $0.21. The company had revenue of $280.57 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the business posted ($1.33) EPS. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share 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.