Carnegie Capital Asset Management LLC Makes New Investment in Sphere Entertainment Co. (NYSE:SPHR)

Carnegie Capital Asset Management LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 139,410 shares of the company's stock, valued at approximately $4,734,000. Carnegie Capital Asset Management LLC owned about 0.40% of Sphere Entertainment at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SPHR. Ancora Advisors LLC acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $25,000. Tower Research Capital LLC TRC acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $35,000. Qube Research & Technologies Ltd acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $45,000. FMR LLC acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $52,000. Finally, Citigroup Inc. acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $59,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Buying and Selling

In other Sphere Entertainment news, CEO James Lawrence Dolan acquired 59,374 shares of the firm's stock in a transaction on Monday, February 26th. The stock was bought at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the completion of the purchase, the chief executive officer now directly owns 443,900 shares in the company, valued at $18,248,729. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Andrea Greenberg sold 12,131 shares of the company's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the completion of the transaction, the chief executive officer now directly owns 76,650 shares in the company, valued at $3,909,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Lawrence Dolan bought 59,374 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of $41.11 per share, with a total value of $2,440,865.14. Following the completion of the purchase, the chief executive officer now directly owns 443,900 shares of the company's stock, valued at approximately $18,248,729. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 245,669 shares of company stock valued at $10,706,120. Insiders own 24.46% of the company's stock.

Sphere Entertainment Price Performance

SPHR stock traded down $1.58 during trading on Monday, reaching $40.22. 747,184 shares of the company were exchanged, compared to its average volume of 702,998. The company has a market cap of $1.41 billion, a P/E ratio of 3.80 and a beta of 1.40. Sphere Entertainment Co. has a 52-week low of $20.68 and a 52-week high of $51.83. The stock's 50 day moving average price is $44.64 and its 200 day moving average price is $38.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The company reported ($4.91) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The company had revenue of $314.16 million for the quarter, compared to analysts' expectations of $303.28 million. During the same period in the prior year, the firm posted $2.25 EPS. The firm's quarterly revenue was up 96.9% on a year-over-year basis. As a group, analysts predict that Sphere Entertainment Co. will post -3.88 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPHR shares. Wolfe Research started coverage on shares of Sphere Entertainment in a research report on Wednesday, January 17th. They set a "peer perform" rating for the company. Seaport Res Ptn cut shares of Sphere Entertainment from a "buy" rating to a "neutral" rating in a research report on Monday, April 8th. Bank of America began coverage on shares of Sphere Entertainment in a research report on Wednesday, February 7th. They issued a "neutral" rating and a $43.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Sphere Entertainment from $33.00 to $37.00 and gave the company a "neutral" rating in a research report on Tuesday, February 6th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $35.60.

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.