Empowered Funds LLC Acquires 8,710 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Empowered Funds LLC lifted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 5.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 171,047 shares of the company’s stock after purchasing an additional 8,710 shares during the period. Empowered Funds LLC owned about 0.48% of Sphere Entertainment worth $7,557,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares during the period. Entropy Technologies LP bought a new position in shares of Sphere Entertainment in the third quarter worth approximately $293,000. Covestor Ltd increased its stake in shares of Sphere Entertainment by 3.5% in the third quarter. Covestor Ltd now owns 9,077 shares of the company’s stock worth $401,000 after buying an additional 305 shares during the period. Washington Trust Advisors Inc. raised its holdings in Sphere Entertainment by 1.1% during the 3rd quarter. Washington Trust Advisors Inc. now owns 198,774 shares of the company’s stock valued at $8,782,000 after buying an additional 2,102 shares during the last quarter. Finally, Concurrent Investment Advisors LLC bought a new stake in Sphere Entertainment in the 3rd quarter worth $216,000. Institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

SPHR has been the subject of several recent analyst reports. Bank of America lowered their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Benchmark reiterated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Wednesday, October 2nd. Macquarie decreased their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $37.00 to $57.00 in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $40.00 on Friday. The company’s fifty day moving average price is $43.40 and its 200-day moving average price is $41.40. The stock has a market cap of $1.41 billion, a PE ratio of -3.81 and a beta of 1.41. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.26%. The business had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. During the same quarter in the previous year, the firm posted $1.90 earnings per share. Sphere Entertainment’s quarterly revenue was up 93.1% on a year-over-year basis. On average, equities analysts expect that Sphere Entertainment Co. will post -9.6 EPS for the current fiscal year.

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.