Sender Co & Partners Inc. Sells 32,224 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Sender Co & Partners Inc. lessened its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 79.1% in the third quarter, HoldingsChannel reports. The fund owned 8,522 shares of the company’s stock after selling 32,224 shares during the period. Sender Co & Partners Inc.’s holdings in Sphere Entertainment were worth $377,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of SPHR. Blue Trust Inc. acquired a new stake in Sphere Entertainment during the second quarter worth approximately $27,000. Summit Securities Group LLC bought a new stake in shares of Sphere Entertainment during the 2nd quarter valued at $54,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Sphere Entertainment by 46.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after purchasing an additional 810 shares in the last quarter. Quent Capital LLC increased its position in shares of Sphere Entertainment by 15.5% in the third quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock worth $206,000 after purchasing an additional 624 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new position in Sphere Entertainment in the third quarter valued at about $216,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $37.81 on Tuesday. The firm has a 50 day simple moving average of $42.90 and a 200 day simple moving average of $41.60. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -3.60 and a beta of 1.38. Sphere Entertainment Co. has a one year low of $29.70 and a one year high of $51.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) EPS for the quarter, beating analysts’ consensus estimates of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The company had revenue of $227.90 million during the quarter, compared to analysts’ expectations of $229.86 million. During the same period 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. Research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SPHR. Wolfe Research upgraded shares of Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 2nd. Benchmark reiterated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $37.00 to $57.00 in a research report on Friday, August 16th. Macquarie reduced their target price on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Finally, Guggenheim lifted their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.43.

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.