Victory Capital Management Inc. Has $1.85 Million Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Victory Capital Management Inc. boosted its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 152.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 56,392 shares of the company's stock after purchasing an additional 34,015 shares during the quarter. Victory Capital Management Inc. owned about 0.16% of Sphere Entertainment worth $1,845,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after acquiring an additional 760 shares during the last quarter. Ancora Advisors LLC bought a new stake in Sphere Entertainment in the 4th quarter valued at $40,000. Tower Research Capital LLC TRC raised its stake in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after acquiring an additional 681 shares during the period. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the 4th quarter worth $93,000. Finally, Jefferies Financial Group Inc. bought a new position in Sphere Entertainment during the 4th quarter worth $202,000. 92.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on SPHR. Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective on the stock. Benchmark reiterated a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a research report on Monday, May 19th. Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Guggenheim increased their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. raised their price target on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $48.70.

Sphere Entertainment Price Performance

NYSE:SPHR traded down $2.35 during trading hours on Friday, hitting $40.70. The company's stock had a trading volume of 766,980 shares, compared to its average volume of 801,333. The stock has a fifty day simple moving average of $41.13 and a 200-day simple moving average of $37.93. The company has a market capitalization of $1.46 billion, a P/E ratio of -4.06 and a beta of 1.66. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating the consensus estimate of ($2.48) by $0.21. The business had revenue of $280.57 million for the quarter, compared to analyst estimates of $285.01 million. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. Sphere Entertainment's revenue was down 12.7% compared to the same quarter last year. During the same period last year, the firm posted ($1.33) earnings per share. On average, analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal 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.