Empowered Funds LLC Acquires 809 Shares of Sphere Entertainment Co. $SPHR

Empowered Funds LLC lifted its stake in Sphere Entertainment Co. (NYSE:SPHR) by 0.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 184,324 shares of the company’s stock after buying an additional 809 shares during the period. Empowered Funds LLC’s holdings in Sphere Entertainment were worth $7,705,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new stake in Sphere Entertainment in the 1st quarter worth $1,359,000. Victory Capital Management Inc. grew its position in Sphere Entertainment by 152.0% during the first quarter. Victory Capital Management Inc. now owns 56,392 shares of the company’s stock worth $1,845,000 after buying an additional 34,015 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Sphere Entertainment by 35.7% during the first quarter. Pinnacle Associates Ltd. now owns 66,945 shares of the company’s stock valued at $2,190,000 after acquiring an additional 17,623 shares during the period. Atria Wealth Solutions Inc. acquired a new position in Sphere Entertainment in the 1st quarter valued at approximately $279,000. Finally, Deutsche Bank AG raised its holdings in Sphere Entertainment by 292.8% in the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company’s stock valued at $14,682,000 after acquiring an additional 334,500 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $77.85 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.75 billion, a PE ratio of -15.06 and a beta of 1.79. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $81.47. The company’s 50-day moving average price is $65.44 and its two-hundred day moving average price is $49.58.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($1.37) earnings per share for the quarter, topping the consensus estimate of ($1.62) by $0.25. Sphere Entertainment had a negative net margin of 13.87% and a negative return on equity of 17.20%. The company had revenue of $262.51 million during the quarter, compared to analyst estimates of $259.34 million. On average, equities analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Analysts Set New Price Targets

SPHR has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Benchmark increased their price objective on shares of Sphere Entertainment from $35.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, November 5th. Morgan Stanley lifted their price objective on Sphere Entertainment from $40.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, November 3rd. Guggenheim increased their target price on Sphere Entertainment from $78.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, BTIG Research assumed coverage on Sphere Entertainment in a research report on Monday, October 6th. They set a “neutral” rating for the company. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $63.88.

Sphere Entertainment 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.