7,847 Shares in Sphere Entertainment Co. (NYSE:SPHR) Acquired by OFI Invest Asset Management

OFI Invest Asset Management purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,847 shares of the company’s stock, valued at approximately $257,000.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in Sphere Entertainment by 2.2% during the 4th quarter. Victory Capital Management Inc. now owns 20,851 shares of the company’s stock worth $708,000 after acquiring an additional 457 shares during the last quarter. North Star Investment Management Corp. grew its holdings in shares of Sphere Entertainment by 0.5% in the first quarter. North Star Investment Management Corp. now owns 125,620 shares of the company’s stock worth $6,165,000 after purchasing an additional 620 shares during the last quarter. Blue Trust Inc. bought a new position in shares of Sphere Entertainment in the second quarter worth approximately $27,000. Swiss National Bank increased its stake in shares of Sphere Entertainment by 1.6% in the first quarter. Swiss National Bank now owns 50,159 shares of the company’s stock worth $2,462,000 after buying an additional 800 shares during the period. Finally, Allegheny Financial Group LTD raised its holdings in Sphere Entertainment by 16.2% during the 4th quarter. Allegheny Financial Group LTD now owns 6,273 shares of the company’s stock valued at $213,000 after buying an additional 875 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Up 6.4 %

SPHR stock traded up $2.98 during midday trading on Friday, hitting $49.22. The stock had a trading volume of 1,599,540 shares, compared to its average volume of 708,338. The business has a 50-day moving average of $39.66 and a two-hundred day moving average of $40.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 4.52 and a beta of 1.41. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.47) by $0.47. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The business had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. During the same quarter in the previous year, the business earned $15.43 earnings per share. The firm’s quarterly revenue was up 111.8% compared to the same quarter last year. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -4.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Macquarie upped their price objective on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday. Benchmark began coverage on Sphere Entertainment in a research report on Tuesday, July 23rd. They set a “hold” rating for the company. Morgan Stanley lifted their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 11th. JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.00 to $57.00 in a report on Friday. Finally, Guggenheim cut their price target on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus target price of $47.00.

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.