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

Cubist Systematic Strategies LLC trimmed its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 83.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,550 shares of the company's stock after selling 12,559 shares during the period. Cubist Systematic Strategies LLC's holdings in Sphere Entertainment were worth $103,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its position in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at $40,000. Tower Research Capital LLC TRC raised its stake in Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after buying an additional 681 shares in the last quarter. Blue Trust Inc. raised its stake in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after buying an additional 912 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in Sphere Entertainment by 18.2% in the fourth quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company's stock valued at $234,000 after buying an additional 893 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $39.52 on Tuesday. 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 52-week low of $23.89 and a 52-week high of $50.88. The business's 50-day moving average price is $30.35 and its 200 day moving average price is $37.66. The firm has a market cap of $1.41 billion, a P/E ratio of -3.76 and a beta of 1.51.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released 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. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm had revenue of $280.57 million for the quarter, compared to analyst estimates of $285.01 million. During the same quarter last year, the company posted ($1.33) earnings per share. The business's revenue 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 year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Macquarie cut their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group set a $36.00 price target on Sphere Entertainment and gave the company a "buy" rating in a research note on Friday, April 18th. Benchmark restated a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research note on Monday. JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. Finally, Guggenheim raised their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $45.67.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.08% of the company's stock.

About Sphere Entertainment

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.

Want to see what other hedge funds are holding SPHR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sphere Entertainment Co. (NYSE:SPHR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.