Central Pacific Bank Trust Division Makes New $464,000 Investment in Sphere Entertainment Co. (NYSE:SPHR)

Central Pacific Bank Trust Division acquired a new position in Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,446 shares of the company’s stock, valued at approximately $464,000.

Several other large investors have also recently bought and sold shares of the business. Jennison Associates LLC purchased a new position in Sphere Entertainment in the first quarter worth $774,000. Quent Capital LLC raised its position in Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after acquiring an additional 2,624 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Sphere Entertainment by 16.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,303 shares of the company’s stock worth $871,000 after acquiring an additional 2,334 shares in the last quarter. North Star Investment Management Corp. raised its position in Sphere Entertainment by 0.5% in the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after acquiring an additional 620 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Sphere Entertainment in the first quarter worth $255,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

Sphere Entertainment stock traded up $0.43 during trading hours on Wednesday, hitting $40.14. The stock had a trading volume of 21,195 shares, compared to its average volume of 707,966. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 3.65 and a beta of 1.41. Sphere Entertainment Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The stock’s fifty day moving average is $36.86 and its two-hundred day moving average is $39.10.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Friday, May 10th. The company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). The company had revenue of $321.33 million for the quarter, compared to analyst estimates of $324.65 million. Sphere Entertainment had a net margin of 43.36% and a return on equity of 8.11%. The firm’s revenue was up 98.3% on a year-over-year basis. During the same period in the previous year, the business earned ($1.08) EPS. As a group, analysts predict that Sphere Entertainment Co. will post -4.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SPHR shares. Seaport Res Ptn cut Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Guggenheim lowered their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $36.20.

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.