Deutsche Bank AG Raises Stake in Sphere Entertainment Co. (NYSE:SPHR)

Deutsche Bank AG grew its stake in Sphere Entertainment Co. (NYSE:SPHR) by 31.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,229 shares of the company’s stock after purchasing an additional 27,011 shares during the period. Deutsche Bank AG owned about 0.32% of Sphere Entertainment worth $4,606,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC lifted its position in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC lifted its position in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after buying an additional 681 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after buying an additional 912 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in shares of Sphere Entertainment by 18.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company’s stock valued at $234,000 after buying an additional 893 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 1.9%

Shares of SPHR opened at $39.52 on Tuesday. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $50.88. The company has a market capitalization of $1.41 billion, a PE ratio of -3.76 and a beta of 1.51. The stock has a fifty day simple moving average of $30.35 and a two-hundred day simple moving average 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.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The business had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same period last year, the company earned ($1.33) EPS. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, equities analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the stock a “buy” rating in a research report on Friday, April 18th. Macquarie reduced their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Morgan Stanley reduced their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. Susquehanna started coverage on Sphere Entertainment in a report on Monday, April 28th. They issued a “positive” rating and a $37.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus price target of $45.67.

Insiders Place Their Bets

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 25.08% of the company’s stock.

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.