Sanctuary Advisors LLC Lowers Stock Holdings in Sphere Entertainment Co. (NYSE:SPHR)

Sanctuary Advisors LLC decreased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 9.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,937 shares of the company’s stock after selling 6,571 shares during the period. Sanctuary Advisors LLC’s holdings in Sphere Entertainment were worth $2,415,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPHR. MADDEN SECURITIES Corp purchased a new position in shares of Sphere Entertainment in the third quarter worth about $1,237,000. Quest Partners LLC increased its holdings in shares of Sphere Entertainment by 98,992.3% in the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock worth $569,000 after buying an additional 12,869 shares during the period. Evergreen Capital Management LLC purchased a new position in shares of Sphere Entertainment in the second quarter worth about $1,397,000. GAM Holding AG purchased a new position in shares of Sphere Entertainment in the second quarter worth about $421,000. Finally, Nkcfo LLC purchased a new position in shares of Sphere Entertainment in the second quarter worth about $561,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Sphere Entertainment stock opened at $38.03 on Wednesday. The stock’s 50 day simple moving average is $42.04 and its two-hundred day simple moving average is $41.69. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -3.62 and a beta of 1.38. Sphere Entertainment Co. has a fifty-two week low of $29.70 and a fifty-two week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $227.90 million for the quarter, compared to analysts’ expectations of $229.86 million. During the same period in the previous year, the firm posted $1.90 EPS. The business’s revenue was up 93.1% on a year-over-year basis. As a group, analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPHR. Guggenheim raised 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. Benchmark reissued a “sell” rating and issued a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Wednesday, October 2nd. Bank of America cut their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Finally, Macquarie cut their target price on 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 issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.