Covestor Ltd Has $401,000 Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Covestor Ltd raised its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 3.5% in the 3rd quarter, Holdings Channel reports. The firm owned 9,077 shares of the company’s stock after acquiring an additional 305 shares during the period. Covestor Ltd’s holdings in Sphere Entertainment were worth $401,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SPHR. Blue Trust Inc. bought a new stake in shares of Sphere Entertainment during the 2nd quarter valued at approximately $27,000. Summit Securities Group LLC acquired a new position in shares of Sphere Entertainment during the second quarter worth $54,000. 1832 Asset Management L.P. bought a new position in shares of Sphere Entertainment in the 1st quarter valued at $85,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Sphere Entertainment by 46.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock valued at $111,000 after acquiring an additional 810 shares in the last quarter. Finally, Quent Capital LLC grew its position in Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock worth $141,000 after acquiring an additional 1,376 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

SPHR has been the topic of a number of recent research reports. Macquarie reissued a “neutral” rating and set a $47.00 price target on shares of Sphere Entertainment in a research note on Wednesday, October 23rd. Bank of America decreased their price target on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $57.00 in a report on Friday, August 16th. Benchmark restated a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Finally, Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.71.

Sphere Entertainment Stock Performance

SPHR stock opened at $43.81 on Friday. Sphere Entertainment Co. has a 1-year low of $27.02 and a 1-year high of $51.83. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average price of $43.71 and a 200-day moving average price of $41.35. The firm has a market cap of $1.55 billion, a PE ratio of -7.74 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. The business 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%. The firm’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same period in the previous year, the company posted $15.43 earnings per share. As a group, equities research analysts expect that Sphere Entertainment Co. will post -9.6 earnings per share 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.