Pinnacle Associates Ltd. Has $2.19 Million Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

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. raised its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 35.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,945 shares of the company's stock after acquiring an additional 17,623 shares during the quarter. Pinnacle Associates Ltd. owned 0.19% of Sphere Entertainment worth $2,190,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SPHR. Sterling Capital Management LLC increased its position in Sphere Entertainment by 826.1% during the 4th 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 4th quarter worth about $40,000. Tower Research Capital LLC TRC increased its position in Sphere Entertainment by 108.1% during the 4th 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 4th quarter worth about $93,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Sphere Entertainment during the 4th quarter worth about $202,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

SPHR stock traded up $0.03 during trading on Wednesday, reaching $42.70. 505,570 shares of the company's stock were exchanged, compared to its average volume of 567,243. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $50.88. The company's fifty day moving average price is $41.03 and its 200-day moving average price is $37.92. The firm has a market cap of $1.53 billion, a PE ratio of -4.26 and a beta of 1.66.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating the consensus estimate of ($2.48) by $0.21. The business had revenue of $280.57 million during the quarter, compared to analyst estimates of $285.01 million. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The company's revenue was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.33) earnings per share. On average, research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SPHR. Craig Hallum began coverage on Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. raised 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. Benchmark reissued a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. Finally, Susquehanna initiated coverage on Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $48.70.

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.