Two Sigma Advisers LP Invests $339,000 in Sphere Entertainment Co. (NYSE:SPHR)

Two Sigma Advisers LP acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,400 shares of the company's stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPHR. Steadfast Capital Management LP raised its position in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after purchasing an additional 599,800 shares during the last quarter. Sherbrooke Park Advisers LLC purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $224,000. ProShare Advisors LLC increased its stake in shares of Sphere Entertainment by 52.5% during the fourth quarter. ProShare Advisors LLC now owns 7,653 shares of the company's stock valued at $309,000 after buying an additional 2,634 shares during the period. Man Group plc bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $1,552,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sphere Entertainment by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,439 shares of the company's stock worth $622,000 after acquiring an additional 847 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Up 2.0%

Shares of Sphere Entertainment stock traded up $0.75 during trading on Monday, hitting $38.42. The company's stock had a trading volume of 586,249 shares, compared to its average volume of 814,559. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $50.88. The company has a market capitalization of $1.38 billion, a PE ratio of -3.66 and a beta of 1.65. The company has a fifty day simple moving average of $31.80 and a two-hundred day simple moving average of $37.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating analysts' consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same quarter last year, the firm earned ($1.33) earnings per share. The business's revenue for the quarter was down 12.7% on a year-over-year basis. Equities research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on SPHR. Morgan Stanley cut their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Guggenheim raised their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Susquehanna started coverage on shares of Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 price target on the stock. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a "buy" rating in a research note on Friday, April 18th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.78.

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.