Louisiana State Employees Retirement System Makes New Investment in Sphere Entertainment Co. $SPHR

Louisiana State Employees Retirement System purchased a new position in Sphere Entertainment Co. (NYSE:SPHR) in the first quarter, HoldingsChannel reports. The firm purchased 11,800 shares of the company’s stock, valued at approximately $1,385,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Hollencrest Capital Management bought a new stake in Sphere Entertainment during the fourth quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd lifted its position in Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after purchasing an additional 156 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in Sphere Entertainment during the 4th quarter valued at $48,000. Flagship Harbor Advisors LLC bought a new position in Sphere Entertainment during the 4th quarter valued at $52,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after purchasing an additional 100 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of research reports. Guggenheim boosted their price objective on Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Citizens Jmp raised their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 17th. BTIG Research reaffirmed a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a report on Tuesday, May 19th. Seaport Research Partners reiterated a “buy” rating and issued a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, Benchmark upped their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $151.15.

Sphere Entertainment Trading Down 3.3%

Sphere Entertainment stock opened at $163.57 on Friday. The company has a 50 day moving average price of $143.50 and a 200 day moving average price of $119.70. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $174.60. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 91.90 and a beta of 1.61.

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

Sphere Entertainment Profile

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.