Dimensional Fund Advisors LP Sells 137,791 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Dimensional Fund Advisors LP lessened its stake in Sphere Entertainment Co. (NYSE:SPHR) by 8.4% in the second quarter, HoldingsChannel reports. The firm owned 1,494,758 shares of the company’s stock after selling 137,791 shares during the period. Dimensional Fund Advisors LP’s holdings in Sphere Entertainment were worth $52,407,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SPHR. Bornite Capital Management LP bought a new stake in Sphere Entertainment in the first quarter valued at about $9,816,000. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 2.7% during the first quarter. Ariel Investments LLC now owns 5,118,540 shares of the company’s stock worth $251,218,000 after purchasing an additional 135,641 shares during the period. Jericho Capital Asset Management L.P. lifted its holdings in shares of Sphere Entertainment by 4.4% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after purchasing an additional 106,651 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Sphere Entertainment by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock valued at $94,741,000 after purchasing an additional 100,311 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in shares of Sphere Entertainment by 1,147.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 78,574 shares of the company’s stock valued at $3,856,000 after purchasing an additional 72,273 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

SPHR has been the topic of a number of research reports. Macquarie lifted their price target on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Bank of America reduced their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their price target for the company from $37.00 to $57.00 in a report on Friday, August 16th. Morgan Stanley upped their price target on shares of Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. Finally, Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $43.38 on Friday. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83. The firm has a fifty day simple moving average of $43.70 and a 200 day simple moving average of $41.47. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 3.98 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 (NYSE:SPHR) last announced its earnings results on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping the consensus estimate of ($2.47) by $0.47. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter in the prior year, the company posted $15.43 earnings per share. The firm’s revenue was up 111.8% on a year-over-year basis. Research analysts forecast that Sphere Entertainment Co. will post -9.24 EPS for the current fiscal year.

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.