Graham Capital Management L.P. Acquires 9,818 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Graham Capital Management L.P. lifted its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 20.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,867 shares of the company's stock after buying an additional 9,818 shares during the period. Graham Capital Management L.P. owned about 0.16% of Sphere Entertainment worth $2,333,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ariel Investments LLC raised its holdings in shares of Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after purchasing an additional 394,050 shares during the last quarter. Norges Bank purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $14,432,000. Wealthfront Advisers LLC purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $11,286,000. Alliancebernstein L.P. raised its holdings in shares of Sphere Entertainment by 929.8% during the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock valued at $11,527,000 after purchasing an additional 258,123 shares during the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $7,137,000. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Price Performance

Shares of NYSE SPHR traded up $1.26 during midday trading on Friday, reaching $38.80. The stock had a trading volume of 1,005,979 shares, compared to its average volume of 813,480. The stock has a 50-day moving average of $30.20 and a 200-day moving average of $37.71. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -3.70 and a beta of 1.51. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $50.88.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.33) earnings per share. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 25.08% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SPHR. JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Guggenheim boosted 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. Susquehanna began coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 target price for the company. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Finally, Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of "Hold" and a consensus price target of $46.22.

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.