Schonfeld Strategic Advisors LLC Purchases Shares of 9,600 Sphere Entertainment Co. (NYSE:SPHR)

Schonfeld Strategic Advisors LLC purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,600 shares of the company's stock, valued at approximately $387,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock valued at $59,084,000 after buying an additional 9,837 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Sphere Entertainment by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 617,437 shares of the company's stock worth $24,901,000 after acquiring an additional 4,429 shares during the period. Northern Trust Corp boosted its position in shares of Sphere Entertainment by 5.9% during the 4th quarter. Northern Trust Corp now owns 370,946 shares of the company's stock valued at $14,957,000 after acquiring an additional 20,613 shares in the last quarter. Finally, Norges Bank bought a new stake in Sphere Entertainment in the fourth quarter valued at about $14,432,000. Institutional investors own 92.03% of the company's stock.

Insider Transactions at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 25.08% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Macquarie decreased their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Susquehanna began coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They issued a "positive" rating and a $37.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Finally, Guggenheim upped their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $46.22.

Sphere Entertainment Trading Up 0.3%

Shares of SPHR traded up $0.10 during trading hours on Wednesday, hitting $37.66. 599,906 shares of the stock traded hands, compared to its average volume of 816,389. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $50.88. The firm has a market capitalization of $1.35 billion, a PE ratio of -3.59 and a beta of 1.51. The business has a fifty day moving average of $29.92 and a 200-day moving average of $37.83.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results 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. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same period in the previous year, the firm posted ($1.33) earnings per share. Sphere Entertainment's revenue for the quarter was down 12.7% compared to the same quarter last year. Analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current year.

About Sphere Entertainment

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.