Pinnacle Associates Ltd. Grows Stake in Sphere Entertainment Co. $SPHR

Pinnacle Associates Ltd. raised its stake in Sphere Entertainment Co. (NYSE:SPHR) by 88.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,211 shares of the company’s stock after acquiring an additional 59,266 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.35% of Sphere Entertainment worth $5,276,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPHR. Janney Montgomery Scott LLC purchased a new position in Sphere Entertainment in the first quarter valued at about $225,000. Envestnet Asset Management Inc. purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at approximately $1,359,000. Victory Capital Management Inc. lifted its stake in shares of Sphere Entertainment by 152.0% during the 1st quarter. Victory Capital Management Inc. now owns 56,392 shares of the company’s stock valued at $1,845,000 after buying an additional 34,015 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in shares of Sphere Entertainment during the 1st quarter valued at approximately $279,000. Finally, Deutsche Bank AG lifted its stake in shares of Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after buying an additional 334,500 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SPHR shares. Guggenheim upped their price target on shares of Sphere Entertainment from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, October 8th. The Goldman Sachs Group upped their price target on shares of Sphere Entertainment from $50.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Wall Street Zen upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, BTIG Research assumed coverage on shares of Sphere Entertainment in a research note on Monday, October 6th. They set a “neutral” rating on the stock. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and a consensus price target of $55.13.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $68.52 on Friday. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $69.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $2.45 billion, a PE ratio of -12.88 and a beta of 1.79. The company’s 50 day simple moving average is $58.27 and its two-hundred day simple moving average is $45.15.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The business had revenue of $282.68 million for the quarter, compared to analysts’ expectations of $280.23 million. During the same period in the prior year, the company posted ($2.00) EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.