MYDA Advisors LLC Has $3.23 Million Position in Sphere Entertainment Co. $SPHR

MYDA Advisors LLC lowered its stake in Sphere Entertainment Co. (NYSE:SPHR) by 46.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,000 shares of the company’s stock after selling 30,000 shares during the period. MYDA Advisors LLC owned 0.10% of Sphere Entertainment worth $3,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hollencrest Capital Management acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $48,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $52,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at approximately $68,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

SPHR opened at $153.22 on Monday. The company has a fifty day moving average price of $134.69 and a two-hundred day moving average price of $112.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $154.57. The firm has a market capitalization of $5.44 billion, a PE ratio of 86.08 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the previous year, the business earned ($2.27) EPS. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, analysts anticipate that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPHR shares. Citizens Jmp raised their price target on shares of Sphere Entertainment from $150.00 to $175.00 and gave the company a “market outperform” rating in a report on Wednesday, May 6th. Guggenheim raised their price target on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Benchmark raised shares of Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a report on Tuesday, May 19th. Finally, The Goldman Sachs Group raised their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.92.

About Sphere Entertainment

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.