Sphere Entertainment Co. (NYSE:SPHR) Shares Bought by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. increased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 1,350.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 143,845 shares of the company’s stock after purchasing an additional 133,928 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Sphere Entertainment were worth $5,800,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Ariel Investments LLC raised its holdings in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after purchasing an additional 394,050 shares during the period. Vanguard Group Inc. raised its holdings in Sphere Entertainment by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock worth $112,689,000 after purchasing an additional 29,402 shares during the period. Dimensional Fund Advisors LP raised its holdings in Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock worth $59,084,000 after purchasing an additional 9,837 shares during the period. Geode Capital Management LLC raised its holdings in Sphere Entertainment by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 617,437 shares of the company’s stock worth $24,901,000 after purchasing an additional 4,429 shares during the period. Finally, Northern Trust Corp raised its holdings in Sphere Entertainment by 5.9% in the 4th quarter. Northern Trust Corp now owns 370,946 shares of the company’s stock worth $14,957,000 after purchasing an additional 20,613 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SPHR shares. JPMorgan Chase & Co. cut their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. Macquarie cut their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Susquehanna started coverage on Sphere Entertainment in a research note on Monday, April 28th. They set a “positive” rating and a $37.00 price objective for the company. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group set a $36.00 price objective on Sphere Entertainment and gave the stock a “buy” rating in a research note on Friday, April 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $46.22.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 25.08% of the company’s stock.

Sphere Entertainment Price Performance

SPHR stock opened at $37.55 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50 day simple moving average of $29.92 and a 200-day simple moving average of $37.83. The firm has a market capitalization of $1.34 billion, a PE ratio of -3.58 and a beta of 1.51. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.88.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.48) by $0.21. The business had revenue of $280.57 million during the quarter, compared to analyst estimates of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business’s revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.33) earnings per share. Equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.