Sphere Entertainment Co. (NYSE:SPHR) Shares Purchased by SG Americas Securities LLC

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

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in Sphere Entertainment by 3.1% during the 4th quarter. Rhumbline Advisers now owns 47,392 shares of the company's stock valued at $1,911,000 after purchasing an additional 1,435 shares during the last quarter. Handelsbanken Fonder AB bought a new position in Sphere Entertainment during the 4th quarter worth $254,000. Concurrent Investment Advisors LLC increased its position in Sphere Entertainment by 18.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company's stock worth $234,000 after buying an additional 893 shares during the period. US Bancorp DE increased its position in Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock worth $303,000 after buying an additional 276 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Sphere Entertainment by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 224,282 shares of the company's stock worth $9,043,000 after buying an additional 4,490 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Performance

SPHR traded down $1.00 during midday trading on Friday, reaching $38.21. The company had a trading volume of 259,552 shares, compared to its average volume of 812,086. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.88. The business has a 50-day moving average of $32.85 and a two-hundred day moving average of $37.22. The company has a market cap of $1.37 billion, a P/E ratio of -3.64 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping analysts' consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company's quarterly revenue was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.33) EPS. As a group, equities research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Macquarie reduced their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Guggenheim boosted their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Morgan Stanley reduced their price target on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $45.78.

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.