Clearline Capital LP Buys New Position in Sphere Entertainment Co. (NYSE:SPHR)

Clearline Capital LP purchased a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 126,905 shares of the company’s stock, valued at approximately $5,607,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ariel Investments LLC increased its stake in shares of Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock worth $194,167,000 after purchasing an additional 419,581 shares during the period. Millennium Management LLC increased its position in Sphere Entertainment by 356.8% during the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after buying an additional 261,857 shares during the period. Renaissance Technologies LLC increased its position in Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after buying an additional 190,600 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sphere Entertainment by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 219,792 shares of the company’s stock worth $9,710,000 after buying an additional 2,187 shares in the last quarter. Finally, Washington Trust Advisors Inc. boosted its position in shares of Sphere Entertainment by 1.1% in the third quarter. Washington Trust Advisors Inc. now owns 198,774 shares of the company’s stock valued at $8,782,000 after acquiring an additional 2,102 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Stock Up 2.3 %

SPHR stock opened at $41.15 on Monday. The firm has a 50-day moving average price of $43.29 and a 200-day moving average price of $41.50. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $1.46 billion, a P/E ratio of -3.92 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.37. The business had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm’s revenue was up 93.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 EPS. As a group, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Macquarie lowered their price target on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. 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. Guggenheim lifted their price target on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America reduced their price target on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Finally, Benchmark reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average target price of $50.43.

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.