Csenge Advisory Group Acquires New Stake in Sphere Entertainment Co. $SPHR

Csenge Advisory Group purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,291 shares of the company’s stock, valued at approximately $577,000.

Several other large investors have also modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Sphere Entertainment in the second quarter valued at about $1,644,000. TD Waterhouse Canada Inc. boosted its holdings in Sphere Entertainment by 31,980.0% in the second quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company’s stock worth $3,467,000 after purchasing an additional 19,188 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Sphere Entertainment in the first quarter worth $3,621,000. Renaissance Technologies LLC boosted its holdings in Sphere Entertainment by 149.9% in the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Sphere Entertainment by 114.2% during the third quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock valued at $117,162,000 after purchasing an additional 464,609 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

SPHR has been the topic of a number of research reports. BTIG Research dropped their target price on shares of Sphere Entertainment from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Wells Fargo & Company set a $200.00 price target on shares of Sphere Entertainment in a report on Tuesday, October 6th. Guggenheim lowered their price objective on shares of Sphere Entertainment from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Seaport Research Partners set a $160.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, October 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $150.00 price objective on shares of Sphere Entertainment in a research note on Friday, November 6th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and an average price target of $156.60.

Sphere Entertainment Price Performance

Shares of SPHR opened at $125.83 on Friday. Sphere Entertainment Co. has a 12 month low of $73.03 and a 12 month high of $181.63. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a fifty day moving average price of $122.93 and a 200 day moving average price of $131.13. The company has a market cap of $4.52 billion, a P/E ratio of -26.66 and a beta of 1.72.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.66) by ($3.18). Sphere Entertainment had a negative net margin of 11.60% and a negative return on equity of 0.78%. The company had revenue of $274.26 million during the quarter, compared to the consensus estimate of $269.71 million. During the same quarter in the previous year, the business posted ($2.80) earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts forecast that Sphere Entertainment Co. will post -5.43 earnings per share for the current year.

Sphere Entertainment Company Profile

Sphere Entertainment Co. is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications. MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.