Schonfeld Strategic Advisors LLC Takes $387,000 Position in Sphere Entertainment Co. (NYSE:SPHR)

Schonfeld Strategic Advisors LLC acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,600 shares of the company's stock, valued at approximately $387,000.

Several other institutional investors also recently modified their holdings of SPHR. Vanguard Group Inc. raised its position in shares of Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after acquiring an additional 29,402 shares during the last quarter. Raymond James Financial Inc. bought a new position 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 in the 4th quarter valued at about $306,000. Entropy Technologies LP increased its position 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 in the last quarter. Finally, Norges Bank bought a new position in Sphere Entertainment in the fourth quarter worth approximately $14,432,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

SPHR stock traded up $0.33 during mid-day trading on Friday, hitting $37.87. 156,330 shares of the stock were exchanged, compared to its average volume of 896,866. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.61 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $50.88. The business has a fifty day moving average price of $30.05 and a 200 day moving average price of $37.78.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping the consensus estimate 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 company had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. During the same period in the previous year, the firm earned ($1.33) earnings per share. The firm's revenue for the quarter was down 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SPHR. Guggenheim lifted 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. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. dropped their price objective 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. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the stock a "buy" rating in a research report on Friday, April 18th. Finally, Susquehanna started coverage on Sphere Entertainment in a research report on Monday, April 28th. They issued a "positive" rating and a $37.00 price target for the company. One 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. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of "Hold" and an average price target of $46.22.

Insider Transactions at Sphere Entertainment

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

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.