Boyar Asset Management Inc. Sells 350 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Boyar Asset Management Inc. decreased its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 44,739 shares of the company’s stock after selling 350 shares during the quarter. Sphere Entertainment accounts for about 1.1% of Boyar Asset Management Inc.’s investment portfolio, making the stock its 26th biggest position. Boyar Asset Management Inc. owned about 0.13% of Sphere Entertainment worth $1,569,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in SPHR. Ariel Investments LLC boosted its stake in Sphere Entertainment by 2.7% during the first quarter. Ariel Investments LLC now owns 5,118,540 shares of the company’s stock worth $251,218,000 after buying an additional 135,641 shares in the last quarter. Vanguard Group Inc. lifted its stake in Sphere Entertainment by 0.6% during the first quarter. Vanguard Group Inc. now owns 2,807,395 shares of the company’s stock worth $137,787,000 after purchasing an additional 17,613 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in Sphere Entertainment by 4.4% during the first quarter. Jericho Capital Asset Management L.P. now owns 2,542,865 shares of the company’s stock valued at $124,804,000 after purchasing an additional 106,651 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Sphere Entertainment by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock worth $52,095,000 after buying an additional 299,931 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in shares of Sphere Entertainment by 7.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 960,581 shares of the company’s stock worth $47,145,000 after buying an additional 69,001 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.8 %

Shares of SPHR stock opened at $43.28 on Friday. Sphere Entertainment Co. has a 12-month low of $27.02 and a 12-month high of $51.83. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average of $43.37 and a 200-day moving average of $41.78. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 3.97 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Wednesday, August 14th. The company reported ($2.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.47) by $0.47. The firm had revenue of $273.40 million during the quarter, compared to analysts’ expectations of $271.28 million. Sphere Entertainment had a negative return on equity of 9.02% and a negative net margin of 19.54%. The company’s revenue was up 111.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $15.43 EPS. As a group, equities research analysts predict that Sphere Entertainment Co. will post -6.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Benchmark reiterated a “sell” rating and issued a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday. Macquarie increased their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Guggenheim reduced their price target on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Morgan Stanley raised their price objective on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $37.00 to $57.00 in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus price target of $45.83.

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.