Carnegie Investment Counsel Boosts Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Carnegie Investment Counsel grew its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 35.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 225,860 shares of the company’s stock after acquiring an additional 58,640 shares during the period. Carnegie Investment Counsel’s holdings in Sphere Entertainment were worth $9,107,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rhumbline Advisers lifted its holdings in Sphere Entertainment by 10.6% during the 2nd quarter. Rhumbline Advisers now owns 67,303 shares of the company’s stock valued at $2,304,000 after buying an additional 6,466 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Sphere Entertainment by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 22,167 shares of the company’s stock valued at $777,000 after buying an additional 3,033 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after buying an additional 190,600 shares in the last quarter. XTX Topco Ltd bought a new stake in Sphere Entertainment during the 2nd quarter valued at about $379,000. Finally, Canada Pension Plan Investment Board lifted its holdings in Sphere Entertainment by 29.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 110,200 shares of the company’s stock valued at $3,772,000 after buying an additional 25,200 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SPHR shares. Wolfe Research raised shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Wednesday, October 2nd. Macquarie decreased their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley decreased their price objective on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim reduced their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.75.

Sphere Entertainment Stock Down 1.1 %

NYSE:SPHR opened at $41.45 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company’s 50-day moving average is $40.20 and its two-hundred day moving average is $42.33. Sphere Entertainment Co. has a 12-month low of $29.70 and a 12-month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The firm had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. Sphere Entertainment’s quarterly revenue was up 93.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.90 EPS. Research analysts expect that Sphere Entertainment Co. will post -11.47 EPS 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.