20,000 Shares in Sphere Entertainment Co. $SPHR Acquired by GAM Holding AG

GAM Holding AG bought a new position in Sphere Entertainment Co. (NYSE:SPHR) in the second quarter, Holdings Channel reports. The institutional investor bought 20,000 shares of the company’s stock, valued at approximately $836,000.

A number of other hedge funds also recently bought and sold shares of SPHR. Janney Montgomery Scott LLC bought a new stake in Sphere Entertainment in the 1st quarter worth approximately $225,000. Envestnet Asset Management Inc. bought a new stake in Sphere Entertainment in the 1st quarter worth approximately $1,359,000. Victory Capital Management Inc. lifted its position in Sphere Entertainment by 152.0% in the 1st 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 during the last quarter. Pinnacle Associates Ltd. lifted its position in Sphere Entertainment by 35.7% in the 1st quarter. Pinnacle Associates Ltd. now owns 66,945 shares of the company’s stock worth $2,190,000 after buying an additional 17,623 shares during the last quarter. Finally, Atria Wealth Solutions Inc. bought a new stake in Sphere Entertainment in the 1st quarter worth approximately $279,000. Institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SPHR. JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $60.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Wall Street Zen raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. The Goldman Sachs Group lifted their price target on Sphere Entertainment from $50.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 17th. BTIG Research began coverage on Sphere Entertainment in a research note on Monday, October 6th. They issued a “neutral” rating on the stock. Finally, Guggenheim increased their target price on shares of Sphere Entertainment from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $55.13.

Sphere Entertainment Price Performance

SPHR opened at $68.52 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $69.98. The stock has a market capitalization of $2.45 billion, a PE ratio of -12.88 and a beta of 1.79. The stock’s 50 day moving average price is $58.27 and its 200-day moving average price is $45.02.

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, beating the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm had revenue of $282.68 million for the quarter, compared to analysts’ expectations of $280.23 million. During the same period in the previous year, the firm earned ($2.00) earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

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.