Engineers Gate Manager LP Reduces Holdings in Sphere Entertainment Co. $SPHR

Engineers Gate Manager LP trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 59.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,296 shares of the company’s stock after selling 46,757 shares during the quarter. Engineers Gate Manager LP’s holdings in Sphere Entertainment were worth $5,415,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPHR. Hollencrest Capital Management purchased a new position in shares of Sphere Entertainment during the 4th quarter worth $41,000. Caitong International Asset Management Co. Ltd grew its position in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Sphere Entertainment in the 4th quarter worth $48,000. Parallel Advisors LLC increased its stake in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after purchasing an additional 341 shares in the last quarter. Finally, Vision Retirement LLC raised its holdings in Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after purchasing an additional 133 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on SPHR. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research report on Tuesday, September 1st. JPMorgan Chase & Co. reduced their price target on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Citizens Jmp raised their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. BTIG Research reiterated a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a research note on Monday, August 3rd. Finally, Seaport Research Partners reissued a “buy” rating and issued a $191.00 target price on shares of Sphere Entertainment in a report on Thursday, August 13th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $166.00.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $143.27 on Friday. The company has a market cap of $5.14 billion, a P/E ratio of -53.46 and a beta of 1.62. Sphere Entertainment Co. has a 52-week low of $55.87 and a 52-week high of $181.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The firm’s fifty day moving average is $149.49 and its two-hundred day moving average is $138.34.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.51) by $0.44. The business had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The business’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 EPS. As a group, analysts anticipate that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Sphere Entertainment Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company’s primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.