Sphere Entertainment Co. (NYSE:SPHR) is Ariel Investments LLC's 9th Largest Position

Ariel Investments LLC increased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 7.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,744,192 shares of the company's stock after purchasing an additional 394,050 shares during the quarter. Sphere Entertainment makes up about 2.5% of Ariel Investments LLC's investment portfolio, making the stock its 9th biggest holding. Ariel Investments LLC owned 16.24% of Sphere Entertainment worth $231,606,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Barclays PLC grew its position in shares of Sphere Entertainment by 295.6% during the 3rd quarter. Barclays PLC now owns 66,045 shares of the company's stock worth $2,809,000 after purchasing an additional 49,351 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Sphere Entertainment in the third quarter worth $242,000. Tidal Investments LLC bought a new position in Sphere Entertainment during the 3rd quarter worth approximately $225,000. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment during the third quarter worth approximately $788,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Sphere Entertainment by 140.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company's stock valued at $6,669,000 after acquiring an additional 88,065 shares during the period. Institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Susquehanna began coverage on Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. The Goldman Sachs Group set a $36.00 price objective on Sphere Entertainment and gave the company a "buy" rating in a research note on Friday, April 18th. JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Finally, Morgan Stanley lowered their price objective on shares of 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. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sphere Entertainment presently has a consensus rating of "Hold" and a consensus 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 Sphere Entertainment stock in a transaction dated Monday, March 10th. The stock was 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 at the SEC website. Corporate insiders own 25.08% of the company's stock.

Sphere Entertainment Stock Up 4.2 %

Shares of SPHR traded up $1.26 on Thursday, hitting $31.04. 501,879 shares of the stock traded hands, compared to its average volume of 817,418. 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 $1.11 billion, a PE ratio of -2.96 and a beta of 1.51. The business has a 50 day simple moving average of $30.19 and a 200 day simple moving average of $38.16. Sphere Entertainment Co. has a one year low of $23.89 and a one year high of $50.88.

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 (EPS) 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 company had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. During the same quarter last year, the firm posted ($1.33) earnings per share. The firm's revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal 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.