Sphere Entertainment Co. (NYSE:SPHR) Shares Bought by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. increased its stake in Sphere Entertainment Co. by 35.7%, acquiring an additional 17,623 shares in the first quarter. The firm now owns approximately 66,945 shares valued at about $2,190,000.
• Sphere Entertainment has received mixed analyst ratings, with targets ranging from $32.00 to $74.00, resulting in a consensus rating of "Hold" and an average target price of $48.70.
• The company's recent earnings report indicated a loss of ($2.27) EPS, slightly surpassing analysts' estimates, but revenue was down 12.7% year-over-year, reaching $280.57 million.

Pinnacle Associates Ltd. boosted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 35.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,945 shares of the company's stock after acquiring an additional 17,623 shares during the quarter. Pinnacle Associates Ltd. owned about 0.19% of Sphere Entertainment worth $2,190,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new stake in shares of Sphere Entertainment in the first quarter valued at $225,000. Vanguard Group Inc. grew its stake in shares of Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after buying an additional 29,402 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at $2,656,000. Norges Bank acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at $14,432,000. Finally, Jump Financial LLC grew its stake in shares of Sphere Entertainment by 431.1% in the fourth quarter. Jump Financial LLC now owns 56,300 shares of the company's stock valued at $2,270,000 after buying an additional 45,700 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SPHR shares. Guggenheim lifted their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. Susquehanna began coverage on Sphere Entertainment in a report on Monday, April 28th. They issued a "positive" rating and a $37.00 target price for the company. JPMorgan Chase & Co. lifted 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. 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. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $48.70.

Sphere Entertainment Stock Down 3.6%

Shares of NYSE SPHR opened at $43.54 on Friday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -4.35 and a beta of 1.66. 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 moving average of $40.75 and a two-hundred day moving average of $37.87. 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 announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (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 return on equity of 16.78% and a negative net margin of 33.00%. Sphere Entertainment's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the previous year, the business earned ($1.33) EPS. On average, analysts forecast 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.

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