Sphere Entertainment Co. $SPHR Stock: Robeco Institutional Asset Management B.V. Lowers Stake

Key Points

• Robeco Institutional Asset Management cut its Sphere Entertainment stake by 91.6% in the third quarter, selling 41,509 shares and retaining 3,788 shares valued at approximately $509,000.
• Other major institutions increased their positions, and institutional investors collectively own 92.03% of Sphere Entertainment. Analysts maintain a “Moderate Buy” consensus with an average price target of $162.27, despite several target-price reductions.
• Sphere Entertainment reported quarterly revenue of $313.64 million and an adjusted EPS loss of $1.07, both better than analyst expectations. The stock opened at $110.21, well below its 12-month high of $181.63.

Robeco Institutional Asset Management B.V. reduced its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 91.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,788 shares of the company's stock after selling 41,509 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Sphere Entertainment were worth $509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in shares of Sphere Entertainment by 114.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company's stock worth $117,162,000 after buying an additional 464,609 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock valued at $65,736,000 after acquiring an additional 335,900 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Sphere Entertainment by 24.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock valued at $61,510,000 after acquiring an additional 104,192 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Sphere Entertainment by 118.9% in the 3rd quarter. Artemis Investment Management LLP now owns 447,982 shares of the company's stock valued at $60,227,000 after acquiring an additional 243,376 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Sphere Entertainment by 75.4% in the first quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company's stock worth $17,232,000 after acquiring an additional 63,080 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings cut Sphere Entertainment from a "hold (c)" rating to a "sell (d-)" rating in a research note on Friday, October 2nd. Susquehanna decreased their price objective on Sphere Entertainment from $182.00 to $158.00 and set a "positive" rating on the stock in a research report on Wednesday, October 21st. Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a research note on Tuesday, October 6th. Piper Sandler reiterated an "overweight" rating and issued a $145.00 target price (down from $185.00) on shares of Sphere Entertainment in a report on Friday. Finally, New Street Research set a $188.00 target price on Sphere Entertainment in a research report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of "Moderate Buy" and an average target price of $162.27.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $110.21 on Tuesday. The firm has a 50-day moving average price of $134.25 and a 200-day moving average price of $129.62. The firm has a market capitalization of $3.96 billion, a PE ratio of -41.12 and a beta of 1.61. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. Sphere Entertainment Co. has a 12-month low of $64.00 and a 12-month high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts' consensus estimates of ($1.51) by $0.44. The firm had revenue of $313.64 million during the quarter, compared to analysts' expectations of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.39 EPS. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -2.54 EPS for the current year.

Sphere Entertainment Company Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences and sports and entertainment programming. Its principal asset is Sphere, a next-generation venue in Las Vegas featuring a large exterior LED display, a high-resolution interior screen, advanced audio technology and immersive production capabilities.

Sphere presents concerts, residencies, films and other experiences, while its Sphere Studios business develops original content and technology for the venue and other immersive applications.

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