Systematic Financial Management LP Decreases Holdings in Sphere Entertainment Co. $SPHR

Key Points

• Systematic Financial Management LP reduced its holdings in Sphere Entertainment Co. by 11.3%, owning 324,057 shares worth approximately $10.6 million after selling 41,472 shares in Q1.
• Recent institutional investments include Boyar Asset Management increasing its stake by 1.2% and Tower Research Capital boosting its position by 108.1% in Q4.
• S&P analysts have mixed ratings on Sphere Entertainment, with a consensus "Moderate Buy" and a price target averaging $49.50, reflecting a positive sentiment despite recent share reductions.

Systematic Financial Management LP trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 11.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 324,057 shares of the company's stock after selling 41,472 shares during the period. Systematic Financial Management LP owned 0.91% of Sphere Entertainment worth $10,603,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Boyar Asset Management Inc. boosted its position in Sphere Entertainment by 1.2% during the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company's stock worth $1,793,000 after purchasing an additional 542 shares during the period. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares during the period. Legal & General Group Plc boosted its position in Sphere Entertainment by 2.8% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock worth $1,076,000 after purchasing an additional 720 shares during the period. Invesco Ltd. boosted its position in Sphere Entertainment by 2.2% during the 4th quarter. Invesco Ltd. now owns 38,615 shares of the company's stock worth $1,557,000 after purchasing an additional 830 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Sphere Entertainment by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,439 shares of the company's stock worth $622,000 after purchasing an additional 847 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPHR has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Benchmark reissued a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a research report on Monday, May 19th. Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. 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 research report on Tuesday, August 12th. Finally, Craig Hallum started coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $49.50.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $42.42 on Friday. The stock has a market cap of $1.52 billion, a P/E ratio of -7.97 and a beta of 1.71. The firm has a 50-day moving average of $41.94 and a two-hundred day moving average of $37.54. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $50.74.

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

Sphere Entertainment Company 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.

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