Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel decreased its ownership in Sphere Entertainment Co. by 39.5%, reducing its shares to 136,700 and representing about 0.38% of the company worth approximately $4.47 million.
• Sphere Entertainment's stock fell by 3.6%, closing at $43.54, while it has seen a yearly low of $23.89 and a high of $50.88.
• The company reported a loss of ($2.27) earnings per share in its latest quarterly results, which exceeded analysts’ estimates of ($2.48), but showed a 12.7% decline in revenue year-over-year.

Carnegie Investment Counsel reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 39.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,700 shares of the company's stock after selling 89,160 shares during the period. Carnegie Investment Counsel owned 0.38% of Sphere Entertainment worth $4,473,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SPHR. Steadfast Capital Management LP lifted its holdings in Sphere Entertainment by 183.8% in the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock worth $37,340,000 after purchasing an additional 599,800 shares in the last quarter. Ariel Investments LLC increased its position in shares of Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after purchasing an additional 394,050 shares during the last quarter. Norges Bank bought a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $14,432,000. Alliancebernstein L.P. increased its position in shares of Sphere Entertainment by 929.8% during the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock valued at $11,527,000 after purchasing an additional 258,123 shares during the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $7,137,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Trading Down 0.9%

Sphere Entertainment stock traded down $0.38 during trading on Monday, reaching $43.21. 279,596 shares of the company were exchanged, compared to its average volume of 801,163. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $50.88. The company has a market capitalization of $1.55 billion, a P/E ratio of -4.30 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 stock's 50 day simple moving average is $40.75 and its two-hundred day simple moving average is $37.84.

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

Wall Street Analyst Weigh In

SPHR has been the topic of several research analyst reports. Guggenheim upped their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley reduced their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. Susquehanna began coverage on Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Sphere Entertainment currently has a consensus rating of "Hold" and a consensus target price 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.