Exchange Traded Concepts LLC Sells 657 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Exchange Traded Concepts LLC decreased its stake in Sphere Entertainment Co. (NYSE:SPHR) by 13.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,263 shares of the company’s stock after selling 657 shares during the period. Exchange Traded Concepts LLC’s holdings in Sphere Entertainment were worth $139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SPHR. Sterling Capital Management LLC raised its holdings in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment during the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the fourth quarter worth $93,000. Finally, Jefferies Financial Group Inc. bought a new position in Sphere Entertainment in the fourth quarter worth $202,000. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPHR. JPMorgan Chase & Co. increased their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Wednesday, May 21st. Guggenheim increased their price target on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Susquehanna initiated coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They set a “positive” rating and a $37.00 price target for the company. Benchmark reiterated a “sell” rating and issued a $35.00 price objective on shares of Sphere Entertainment in a research note on Monday, May 19th. Finally, Macquarie dropped their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $48.70.

Sphere Entertainment Stock Up 6.0%

NYSE SPHR opened at $40.86 on Tuesday. The stock’s 50 day simple moving average is $34.13 and its 200 day simple moving average is $37.14. Sphere Entertainment Co. has a one year low of $23.89 and a one year high of $50.88. The firm has a market cap of $1.46 billion, a PE ratio of -4.08 and a beta of 1.65. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, topping analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The company had revenue of $280.57 million for the quarter, compared to analyst estimates of $285.01 million. During the same quarter in the previous year, the firm earned ($1.33) earnings per share. The business’s revenue was down 12.7% on a year-over-year basis. As a group, sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.