Luxor Capital Group LP Reduces Position in Sphere Entertainment Co. (NYSE:SPHR)

Luxor Capital Group LP trimmed its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 56.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,550 shares of the company’s stock after selling 12,191 shares during the period. Luxor Capital Group LP’s holdings in Sphere Entertainment were worth $422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Ariel Investments LLC grew its holdings in Sphere Entertainment by 8.2% in the 2nd quarter. Ariel Investments LLC now owns 5,538,121 shares of the company’s stock valued at $194,167,000 after buying an additional 419,581 shares in the last quarter. State Street Corp boosted its position in shares of Sphere Entertainment by 1.6% during the 3rd quarter. State Street Corp now owns 632,067 shares of the company’s stock valued at $27,925,000 after acquiring an additional 9,749 shares during the last quarter. Systematic Financial Management LP grew its holdings in shares of Sphere Entertainment by 3.0% in the third quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock valued at $16,398,000 after purchasing an additional 10,862 shares during the period. Millennium Management LLC increased its position in Sphere Entertainment by 356.8% during the second quarter. Millennium Management LLC now owns 335,238 shares of the company’s stock worth $11,753,000 after purchasing an additional 261,857 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Sphere Entertainment by 134.4% during the second quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock worth $11,655,000 after purchasing an additional 190,600 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPHR has been the subject of several analyst reports. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $37.00 to $57.00 in a research note on Friday, August 16th. Bank of America lowered their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Guggenheim lifted their target price on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. 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 report on Wednesday, October 2nd. Finally, Benchmark reissued a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.43.

Sphere Entertainment Stock Up 3.2 %

Shares of NYSE SPHR opened at $39.05 on Monday. The stock has a fifty day simple moving average of $43.02 and a 200-day simple moving average of $41.58. Sphere Entertainment Co. has a twelve month low of $29.70 and a twelve month high of $51.83. 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 (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $229.86 million. During the same period in the prior year, the firm earned $1.90 earnings per share. The business’s revenue for the quarter was up 93.1% compared to the same quarter last year. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current 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.