Clearline Capital LP Invests $5.61 Million in Sphere Entertainment Co. (NYSE:SPHR)

Clearline Capital LP purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 126,905 shares of the company’s stock, valued at approximately $5,607,000. Clearline Capital LP owned about 0.36% of Sphere Entertainment at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SPHR. Verition Fund Management LLC boosted its position in Sphere Entertainment by 235.4% in the 3rd quarter. Verition Fund Management LLC now owns 109,184 shares of the company’s stock valued at $4,824,000 after buying an additional 76,635 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Sphere Entertainment by 582.6% during the third quarter. Quantbot Technologies LP now owns 20,731 shares of the company’s stock worth $916,000 after acquiring an additional 17,694 shares during the last quarter. Horizon Kinetics Asset Management LLC lifted its stake in shares of Sphere Entertainment by 7.9% during the third quarter. Horizon Kinetics Asset Management LLC now owns 56,728 shares of the company’s stock valued at $2,506,000 after acquiring an additional 4,157 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Sphere Entertainment in the third quarter valued at about $342,000. Finally, Charles Schwab Investment Management Inc. increased its position in Sphere Entertainment by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 219,792 shares of the company’s stock worth $9,710,000 after purchasing an additional 2,187 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on SPHR. Guggenheim upped their target price on shares of 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 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 report on Wednesday, October 2nd. Bank of America lowered their target price on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Macquarie dropped their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment has a consensus rating of “Hold” and an average target price of $50.43.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock opened at $41.15 on Monday. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.46 billion, a PE ratio of -3.92 and a beta of 1.41. The stock’s fifty day simple moving average is $43.29 and its 200 day simple moving average is $41.50.

Sphere Entertainment (NYSE:SPHR) last released 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 quarter in the previous year, the business posted $1.90 EPS. Sphere Entertainment’s revenue for the quarter was up 93.1% on a year-over-year basis. On average, research analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Sphere Entertainment Company 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.