Quantbot Technologies LP Lowers Holdings in Sphere Entertainment Co. $SPHR

Key Points

• Quantbot Technologies LP significantly reduced its stake in Sphere Entertainment Co. by 86.0%, leaving it with 9,481 shares valued at approximately $310,000.
• Research analysts are mixed in their assessments of Sphere Entertainment, with a consensus rating of "Moderate Buy" and an average target price of $49.50.
• In its latest earnings report, Sphere Entertainment exceeded analyst expectations with a reported EPS of $3.39 and revenue of $282.68 million, showing a 3.4% increase compared to the previous year.

Quantbot Technologies LP decreased its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 86.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,481 shares of the company's stock after selling 58,348 shares during the period. Quantbot Technologies LP's holdings in Sphere Entertainment were worth $310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Ariel Investments LLC lifted its holdings in Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after buying an additional 394,050 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Sphere Entertainment by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock valued at $59,084,000 after buying an additional 9,837 shares during the period. Steadfast Capital Management LP lifted its holdings in Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after buying an additional 599,800 shares during the period. Northern Trust Corp lifted its holdings in Sphere Entertainment by 41.2% in the first quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after buying an additional 152,893 shares during the period. Finally, Deutsche Bank AG raised its holdings in shares of Sphere Entertainment by 292.8% during the first quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock valued at $14,682,000 after purchasing an additional 334,500 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Shares of SPHR stock traded down $0.20 during trading on Friday, reaching $45.30. 1,251,643 shares of the company's stock traded hands, compared to its average volume of 855,870. The company has a market capitalization of $1.62 billion, a P/E ratio of -8.51 and a beta of 1.71. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm's 50-day moving average is $42.53 and its 200 day moving average is $37.52. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $49.73.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. The company had revenue of $282.68 million for the quarter, compared to analysts' expectations of $280.23 million. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. Sphere Entertainment's revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.00) EPS. Equities research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Benchmark reiterated a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a report on Monday, May 19th. JPMorgan Chase & Co. upped their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Guggenheim upped their price objective on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Craig Hallum assumed coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $49.50.

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.