Putney Financial Group LLC Sells 605 Shares of Sphere Entertainment Co. $SPHR

by · The Cerbat Gem

Putney Financial Group LLC trimmed its holdings in Sphere Entertainment Co. (NYSE:SPHR – Free Report) by 10.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,030 shares of the company’s stock after selling 605 shares during the period. Putney Financial Group LLC’s holdings in Sphere Entertainment were worth $210,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised its stake in Sphere Entertainment by 95.3% in the 2nd quarter. GAMMA Investing LLC now owns 744 shares of the company’s stock valued at $31,000 after acquiring an additional 363 shares during the period. CWM LLC increased its holdings in shares of Sphere Entertainment by 915.3% in the second quarter. CWM LLC now owns 731 shares of the company’s stock valued at $31,000 after purchasing an additional 659 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Sphere Entertainment in the first quarter valued at about $123,000. D.A. Davidson & CO. acquired a new stake in shares of Sphere Entertainment during the 2nd quarter worth about $209,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Sphere Entertainment during the 1st quarter worth about $225,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, October 8th. Guggenheim increased their target price on Sphere Entertainment from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Wall Street Zen upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Morgan Stanley upped their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Finally, BTIG Research began coverage on Sphere Entertainment in a report on Monday, October 6th. They set a “neutral” rating for the company. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $55.13.

Read Our Latest Stock Report on SPHR

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $67.27 on Friday. The company has a market cap of $2.41 billion, a price-to-earnings ratio of -12.65 and a beta of 1.79. Sphere Entertainment Co. has a fifty-two week low of $23.89 and a fifty-two week high of $69.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a fifty day moving average price of $57.75 and a 200-day moving average price of $44.73.

Sphere Entertainment (NYSE:SPHR – Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The company had revenue of $282.68 million for the quarter, compared to analysts’ expectations of $280.23 million. During the same quarter last year, the business earned ($2.00) earnings per share. Sphere Entertainment’s revenue was up 3.4% on a year-over-year basis. As a group, equities analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Sphere Entertainment Company Profile

(Free Report)

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.

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