State Street Corp Buys 9,749 Shares of Sphere Entertainment Co. (NYSE:SPHR)

State Street Corp grew its stake in Sphere Entertainment Co. (NYSE:SPHR) by 1.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 632,067 shares of the company’s stock after buying an additional 9,749 shares during the quarter. State Street Corp’s holdings in Sphere Entertainment were worth $27,925,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPHR. MADDEN SECURITIES Corp bought a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $1,237,000. Quest Partners LLC grew its position in Sphere Entertainment by 98,992.3% during the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after acquiring an additional 12,869 shares during the last quarter. Evergreen Capital Management LLC bought a new position in Sphere Entertainment during the second quarter valued at approximately $1,397,000. GAM Holding AG purchased a new position in shares of Sphere Entertainment during the second quarter worth approximately $421,000. Finally, Nkcfo LLC bought a new stake in shares of Sphere Entertainment in the 2nd quarter worth approximately $561,000. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SPHR. Bank of America reduced their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 2nd. Guggenheim boosted their target price on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Macquarie dropped 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, November 13th. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Up 5.2 %

Shares of NYSE:SPHR opened at $38.70 on Monday. The stock’s 50-day moving average is $41.68 and its 200 day moving average is $41.66. The company has a market cap of $1.37 billion, a PE ratio of -3.69 and a beta of 1.38. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 1 year low of $29.70 and a 1 year high of $51.83.

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