Wilmington Savings Fund Society FSB Makes New Investment in Sphere Entertainment Co. (NYSE:SPHR)

Wilmington Savings Fund Society FSB bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,225 shares of the company’s stock, valued at approximately $187,000.

Other hedge funds also recently made changes to their positions in the company. TCW Group Inc. bought a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $538,000. Geode Capital Management LLC lifted its position in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock valued at $27,088,000 after acquiring an additional 7,434 shares during the period. State Street Corp grew its holdings in shares of Sphere Entertainment by 1.6% during the 3rd quarter. State Street Corp now owns 632,067 shares of the company’s stock worth $27,925,000 after purchasing an additional 9,749 shares in the last quarter. Systematic Financial Management LP increased its position in shares of Sphere Entertainment by 3.0% in the third quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock worth $16,398,000 after purchasing an additional 10,862 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Sphere Entertainment in the third quarter valued at about $438,000. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Down 2.8 %

Shares of SPHR opened at $36.96 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. Sphere Entertainment Co. has a 52 week low of $29.70 and a 52 week high of $51.83. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -3.52 and a beta of 1.38. The stock has a fifty day moving average of $41.92 and a 200-day moving average of $41.66.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37. The firm had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s quarterly revenue was up 93.1% on a year-over-year basis. During the same period last year, the company earned $1.90 earnings per share. As a group, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPHR has been the topic of a number of analyst reports. Benchmark reiterated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Guggenheim increased their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 2nd. Macquarie reduced their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Finally, Bank of America lowered their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.43.

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.