Sphere Entertainment Co. (NYSE:SPHR) Shares Purchased by Deutsche Bank AG

Deutsche Bank AG increased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 31.0% in the fourth quarter, Holdings Channel reports. The firm owned 114,229 shares of the company’s stock after buying an additional 27,011 shares during the period. Deutsche Bank AG’s holdings in Sphere Entertainment were worth $4,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Ariel Investments LLC grew its position in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after acquiring an additional 394,050 shares in the last quarter. Vanguard Group Inc. grew its position in Sphere Entertainment by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock valued at $112,689,000 after acquiring an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Sphere Entertainment by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock valued at $59,084,000 after acquiring an additional 9,837 shares in the last quarter. Geode Capital Management LLC grew its position in Sphere Entertainment by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 617,437 shares of the company’s stock valued at $24,901,000 after acquiring an additional 4,429 shares in the last quarter. Finally, Northern Trust Corp grew its position in Sphere Entertainment by 5.9% in the 4th quarter. Northern Trust Corp now owns 370,946 shares of the company’s stock valued at $14,957,000 after acquiring an additional 20,613 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $39.52 on Tuesday. The stock has a 50 day moving average price of $30.35 and a 200 day moving average price of $37.66. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -3.76 and a beta of 1.51. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $50.88.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.48) by $0.21. The firm had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.33) earnings per share. Research analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 25.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SPHR shares. JPMorgan Chase & Co. dropped their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the company a “buy” rating in a research report on Friday, April 18th. Susquehanna started coverage on Sphere Entertainment in a research note on Monday, April 28th. They issued a “positive” rating and a $37.00 price objective for the company. Benchmark reiterated a “sell” rating and issued a $35.00 price objective on shares of Sphere Entertainment in a research note on Monday. Finally, Macquarie decreased their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $45.67.

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.