Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP decreased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 77.5% during the 1st quarter, Holdings Channel.com reports. The fund owned 14,557 shares of the company’s stock after selling 50,096 shares during the period. Seven Eight Capital LP’s holdings in Sphere Entertainment were worth $714,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. bought a new position in Sphere Entertainment in the 3rd quarter worth approximately $99,941,000. Dimensional Fund Advisors LP lifted its stake in shares of Sphere Entertainment by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after acquiring an additional 299,931 shares during the period. American Century Companies Inc. acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $7,093,000. Washington Trust Advisors Inc. acquired a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $6,291,000. Finally, Carnegie Capital Asset Management LLC bought a new position in shares of Sphere Entertainment during the 4th quarter valued at about $4,734,000. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SPHR shares. Seaport Res Ptn cut Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Benchmark assumed coverage on Sphere Entertainment in a research note on Tuesday. They issued a “hold” rating on the stock. Morgan Stanley raised their price target on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 11th. Finally, Guggenheim dropped their price objective on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus price target of $40.00.

Sphere Entertainment Stock Up 2.0 %

NYSE SPHR traded up $0.90 during trading on Tuesday, hitting $45.72. 600,731 shares of the company traded hands, compared to its average volume of 709,478. The company has a market capitalization of $1.62 billion, a P/E ratio of 4.12 and a beta of 1.42. The business has a fifty day simple moving average of $37.49 and a 200 day simple moving average of $39.72. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Friday, May 10th. The company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.98). Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The company had revenue of $321.33 million during the quarter, compared to analyst estimates of $324.65 million. During the same quarter last year, the firm posted ($1.08) earnings per share. The firm’s revenue for the quarter was up 98.3% compared to the same quarter last year. As a group, sell-side analysts predict that Sphere Entertainment Co. will post -4.93 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.