28,000 Shares in Sphere Entertainment Co. (NYSE:SPHR) Acquired by MADDEN SECURITIES Corp

MADDEN SECURITIES Corp bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 28,000 shares of the company’s stock, valued at approximately $1,237,000. MADDEN SECURITIES Corp owned about 0.08% of Sphere Entertainment at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. purchased a new position in shares of Sphere Entertainment during the second quarter worth approximately $27,000. Summit Securities Group LLC purchased a new stake in Sphere Entertainment during the 2nd quarter valued at about $54,000. 1832 Asset Management L.P. bought a new position in shares of Sphere Entertainment in the first quarter worth approximately $85,000. Quent Capital LLC increased its stake in shares of Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock worth $130,000 after buying an additional 2,624 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Sphere Entertainment by 36.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,357 shares of the company’s stock valued at $188,000 after buying an additional 1,425 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

SPHR has been the topic of several recent analyst reports. Bank of America cut their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Benchmark reaffirmed a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 2nd. Macquarie raised their price objective on Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $50.71.

Sphere Entertainment Stock Up 3.5 %

Shares of Sphere Entertainment stock opened at $44.48 on Friday. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83. The stock has a market capitalization of $1.57 billion, a PE ratio of -7.86 and a beta of 1.41. The company has a 50-day simple moving average of $43.95 and a two-hundred day simple moving average of $41.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, topping the consensus estimate of ($2.47) by $0.47. The company had revenue of $273.40 million during the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. Sphere Entertainment’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same period last year, the company earned $15.43 EPS. On average, analysts anticipate that Sphere Entertainment Co. will post -9.6 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.