Headlands Technologies LLC Makes New $123,000 Investment in Sphere Entertainment Co. (NYSE:SPHR)

Headlands Technologies LLC acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,764 shares of the company’s stock, valued at approximately $123,000.

A number of other institutional investors have also made changes to their positions in SPHR. Boyar Asset Management Inc. lifted its stake in shares of Sphere Entertainment by 1.2% in the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after acquiring an additional 681 shares during the period. Legal & General Group Plc lifted its position in Sphere Entertainment by 2.8% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock worth $1,076,000 after acquiring an additional 720 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after acquiring an additional 760 shares during the period. Finally, Invesco Ltd. grew its position in shares of Sphere Entertainment by 2.2% in the fourth quarter. Invesco Ltd. now owns 38,615 shares of the company’s stock valued at $1,557,000 after purchasing an additional 830 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SPHR shares. Susquehanna initiated coverage on Sphere Entertainment in a research report on Monday, April 28th. They set a “positive” rating and a $37.00 price objective for the company. Guggenheim lifted their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Craig Hallum initiated coverage on Sphere Entertainment in a research report on Monday, June 23rd. They issued a “buy” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 21st. Finally, Benchmark reiterated a “sell” rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $48.70.

Sphere Entertainment Stock Down 4.1%

Sphere Entertainment stock opened at $38.63 on Tuesday. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -3.85 and a beta of 1.71. The company’s 50 day simple moving average is $41.57 and its 200 day simple moving average is $37.84. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. Sphere Entertainment Co. has a fifty-two week low of $23.89 and a fifty-two week high of $50.88.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping the consensus estimate of ($1.57) by $4.96. The business had revenue of $282.68 million for the quarter, compared to the consensus estimate of $280.23 million. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted ($2.00) EPS. As a group, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current 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.