Carnegie Investment Counsel Buys 58,640 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Carnegie Investment Counsel increased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 35.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 225,860 shares of the company’s stock after purchasing an additional 58,640 shares during the period. Carnegie Investment Counsel owned approximately 0.64% of Sphere Entertainment worth $9,107,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ariel Investments LLC boosted its position in Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Sphere Entertainment by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after purchasing an additional 24,772 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Sphere Entertainment by 1,425.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 899,614 shares of the company’s stock valued at $38,261,000 after purchasing an additional 840,631 shares during the period. State Street Corp grew its holdings in shares of Sphere Entertainment by 0.4% in the 3rd quarter. State Street Corp now owns 896,795 shares of the company’s stock valued at $38,141,000 after acquiring an additional 3,463 shares in the last quarter. Finally, Systematic Financial Management LP grew its holdings in shares of Sphere Entertainment by 5.3% in the 3rd quarter. Systematic Financial Management LP now owns 891,493 shares of the company’s stock valued at $37,915,000 after acquiring an additional 45,261 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 1.1 %

NYSE SPHR opened at $41.45 on Friday. Sphere Entertainment Co. has a 52-week low of $29.70 and a 52-week high of $51.83. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $40.20 and a 200-day moving average of $42.33.

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

Analysts Set New Price Targets

SPHR has been the topic of a number of recent analyst reports. Macquarie lowered their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. Guggenheim cut their target price on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Morgan Stanley dropped their price target on 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. One research 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 data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus price target of $47.75.

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.