Entropy Technologies LP Buys Shares of 6,622 Sphere Entertainment Co. (NYSE:SPHR)

Entropy Technologies LP purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,622 shares of the company’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. bought a new position in Sphere Entertainment in the 2nd quarter worth $27,000. Summit Securities Group LLC bought a new position in shares of Sphere Entertainment in the second quarter worth about $54,000. 1832 Asset Management L.P. purchased a new position in shares of Sphere Entertainment during the 1st quarter valued at about $85,000. Mirae Asset Global Investments Co. Ltd. grew its stake 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 during the period. Finally, Quent Capital LLC raised its stake 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 period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SPHR shares. 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 report on Friday, August 16th. Benchmark restated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Macquarie cut their price objective on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Wolfe Research raised shares of 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. Finally, Bank of America cut their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.43.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $40.00 on Friday. The firm has a fifty day simple moving average of $43.40 and a two-hundred day simple moving average of $41.38. Sphere Entertainment Co. has a 52 week low of $27.02 and a 52 week high of $51.83. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.41 billion, a P/E ratio of -3.81 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.26% and a negative net margin of 32.76%. The company had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. During the same quarter last year, the business posted $1.90 earnings per share. The firm’s revenue was up 93.1% on a year-over-year basis. On average, analysts expect that Sphere Entertainment Co. will post -9.6 earnings per share for the current fiscal 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.