Mirae Asset Global Investments Co. Ltd. Increases Stake in Sphere Entertainment Co. (NYSE:SPHR)

Mirae Asset Global Investments Co. Ltd. raised its stake in Sphere Entertainment Co. (NYSE:SPHR) by 22.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,969 shares of the company’s stock after purchasing an additional 2,566 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Sphere Entertainment were worth $474,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment in the third quarter worth about $25,000. Citigroup Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $59,000. Investors Research Corp purchased a new position in shares of Sphere Entertainment during the third quarter valued at approximately $80,000. Nisa Investment Advisors LLC bought a new position in shares of Sphere Entertainment during the third quarter valued at approximately $91,000. Finally, Amalgamated Bank purchased a new stake in Sphere Entertainment in the third quarter worth $96,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Transactions at Sphere Entertainment

In related news, CEO Andrea Greenberg sold 12,131 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the transaction, the chief executive officer now owns 76,650 shares in the company, valued at $3,909,150. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the completion of the sale, the chief executive officer now directly owns 76,650 shares in the company, valued at approximately $3,909,150. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James Lawrence Dolan purchased 110,156 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was purchased at an average price of $46.88 per share, for a total transaction of $5,164,113.28. Following the completion of the purchase, the chief executive officer now owns 630,195 shares in the company, valued at $29,543,541.60. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 245,669 shares of company stock valued at $10,706,120. Insiders own 24.46% of the company’s stock.

Sphere Entertainment Trading Down 1.7 %

Shares of NYSE SPHR opened at $39.76 on Friday. The stock has a market cap of $1.40 billion, a P/E ratio of 3.76 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.63 and a quick ratio of 0.63. Sphere Entertainment Co. has a 1 year low of $20.68 and a 1 year high of $51.83. The firm has a 50-day moving average of $44.56 and a 200 day moving average of $38.08.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Monday, February 5th. The company reported ($4.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The company had revenue of $314.16 million during the quarter, compared to the consensus estimate of $303.28 million. During the same period in the prior year, the firm earned $2.25 earnings per share. The business’s revenue for the quarter was up 96.9% compared to the same quarter last year. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -3.88 EPS for the current fiscal year.

Analysts Set New Price Targets

SPHR has been the subject of several research reports. Bank of America started coverage on shares of Sphere Entertainment in a report on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 price objective for the company. Wolfe Research began coverage on shares of Sphere Entertainment in a report on Wednesday, January 17th. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. lifted their price objective on Sphere Entertainment from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, February 6th. Finally, Seaport Res Ptn lowered Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus target price of $35.60.

Sphere Entertainment Company 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.