Jacobs Levy Equity Management Inc. Increases Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Jacobs Levy Equity Management Inc. boosted its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 1,350.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 143,845 shares of the company's stock after acquiring an additional 133,928 shares during the period. Jacobs Levy Equity Management Inc. owned 0.41% of Sphere Entertainment worth $5,800,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after purchasing an additional 29,402 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth about $2,656,000. OFI Invest Asset Management acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth about $306,000. Entropy Technologies LP raised its holdings in Sphere Entertainment by 108.6% in the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company's stock valued at $557,000 after buying an additional 7,194 shares during the period. Finally, Norges Bank acquired a new position in Sphere Entertainment in the fourth quarter valued at about $14,432,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Up 1.8%

Sphere Entertainment stock traded up $0.68 during mid-day trading on Monday, reaching $39.46. 194,689 shares of the company's stock were exchanged, compared to its average volume of 811,133. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.88. The company has a market cap of $1.41 billion, a P/E ratio of -3.75 and a beta of 1.51. The company has a fifty day moving average of $30.20 and a 200-day moving average of $37.68.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, topping analysts' consensus estimates 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 16.48% and a negative net margin of 32.76%. The company's revenue was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.33) earnings per share. Sell-side analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on SPHR. Guggenheim increased their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Benchmark restated a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a report on Monday. 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. Morgan Stanley cut their target price on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. decreased their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of "Hold" and an average price target of $45.67.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is available through this link. 25.08% of the stock is owned by company insiders.

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.