Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC reduced its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 83.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,550 shares of the company's stock after selling 12,559 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Sphere Entertainment were worth $103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPHR. Ariel Investments LLC grew its position in shares of Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock worth $231,606,000 after purchasing an additional 394,050 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after purchasing an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Sphere Entertainment by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after purchasing an additional 9,837 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Sphere Entertainment by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 617,437 shares of the company's stock worth $24,901,000 after purchasing an additional 4,429 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Sphere Entertainment by 5.9% during the fourth quarter. Northern Trust Corp now owns 370,946 shares of the company's stock worth $14,957,000 after purchasing an additional 20,613 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Down 0.4%

SPHR traded down $0.14 during trading on Friday, hitting $37.45. 454,457 shares of the stock were exchanged, compared to its average volume of 812,355. The firm has a 50 day simple moving average of $30.82 and a 200 day simple moving average of $37.51. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -3.57 and a beta of 1.51. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

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, beating analysts' consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. During the same period last year, the business posted ($1.33) EPS. The business's revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Wall Street Analysts Forecast Growth

SPHR has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday. Benchmark reissued a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. Guggenheim raised their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Susquehanna began 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. Finally, Macquarie decreased their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment currently has a consensus rating of "Hold" and a consensus target price of $45.78.

Insider Activity

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 25.08% of the company's stock.

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.