Vanguard Group Inc. Decreases Stock Position in Sphere Entertainment Co. $SPHR

Key Points

• Vanguard Group Inc. has reduced its stake in Sphere Entertainment Co. by 2.6% during the first quarter, now owning approximately 7.61% of the company worth $89.1 million.
• Sphere Entertainment's stock price has risen by 4.6%, with the current trading price at $42.42, following a quarterly report that exceeded earnings expectations with a reported $3.39 EPS.
• A total of six analysts have rated Sphere Entertainment with a Buy rating, while others hold a Moderate Buy average rating, reflecting positive sentiment towards the company's performance.

Vanguard Group Inc. lowered its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 2.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,723,454 shares of the company's stock after selling 71,408 shares during the period. Vanguard Group Inc. owned 7.61% of Sphere Entertainment worth $89,111,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Ariel Investments LLC raised its position in shares of 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 last quarter. Dimensional Fund Advisors LP raised its holdings in Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock valued at $59,084,000 after acquiring an additional 9,837 shares during the last quarter. Steadfast Capital Management LP lifted its stake 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. Northern Trust Corp boosted its holdings in shares of Sphere Entertainment by 5.9% during the 4th 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 during the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Sphere Entertainment by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 349,798 shares of the company's stock valued at $14,104,000 after purchasing an additional 8,751 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SPHR shares. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Craig Hallum initiated coverage on Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 price target on the stock. 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. Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Finally, Morgan Stanley upped their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.50.

Sphere Entertainment Stock Up 6.6%

NYSE:SPHR traded up $2.8090 during trading hours on Monday, reaching $45.2690. 1,049,176 shares of the stock were exchanged, compared to its average volume of 779,443. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.51. The business has a 50-day moving average of $41.94 and a two-hundred day moving average of $37.47. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.57) by $4.96. The firm had revenue of $282.68 million for the quarter, compared to analyst estimates of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.Sphere Entertainment's revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.00) EPS. As a group, research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

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.