Verition Fund Management LLC Boosts Position in Sphere Entertainment Co. (NYSE:SPHR)

Verition Fund Management LLC raised its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 235.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 109,184 shares of the company’s stock after acquiring an additional 76,635 shares during the period. Verition Fund Management LLC owned approximately 0.31% of Sphere Entertainment worth $4,824,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Ariel Investments LLC lifted its position in Sphere Entertainment by 8.2% during the second quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after purchasing an additional 419,581 shares during the period. Millennium Management LLC raised its stake in shares of Sphere Entertainment by 356.8% during the 2nd quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock valued at $11,753,000 after buying an additional 261,857 shares during the last quarter. Renaissance Technologies LLC raised its position in Sphere Entertainment by 134.4% during the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Sphere Entertainment by 349.1% during the 2nd quarter. Marshall Wace LLP now owns 130,807 shares of the company’s stock worth $4,586,000 after purchasing an additional 101,682 shares during the period. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Sphere Entertainment by 215.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 124,619 shares of the company’s stock valued at $4,369,000 after purchasing an additional 85,119 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPHR has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Sphere Entertainment in a report on Tuesday, September 3rd. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $37.00 to $57.00 in a report on Friday, August 16th. Guggenheim upped their target price on Sphere Entertainment from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, Macquarie dropped 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 note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $41.05 on Tuesday. The company has a fifty day simple moving average of $43.29 and a 200-day simple moving average of $41.50. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -3.91 and a beta of 1.41. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 52-week low of $27.02 and a 52-week high of $51.83.

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