Headlands Technologies LLC Cuts Stock Holdings in Sphere Entertainment Co. $SPHR

Headlands Technologies LLC lessened its stake in Sphere Entertainment Co. (NYSE:SPHR) by 24.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,418 shares of the company’s stock after selling 4,358 shares during the quarter. Headlands Technologies LLC’s holdings in Sphere Entertainment were worth $2,322,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in SPHR. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Sphere Entertainment in the 4th quarter worth $39,909,000. Assenagon Asset Management S.A. purchased a new stake in Sphere Entertainment during the second quarter valued at about $70,402,000. Goldman Sachs Group Inc. increased its stake in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Mane Global Capital Management LP acquired a new stake in Sphere Entertainment during the third quarter worth about $22,143,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

SPHR opened at $141.86 on Monday. Sphere Entertainment Co. has a twelve month low of $44.06 and a twelve month high of $181.63. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of -52.93 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The company has a fifty day simple moving average of $154.22 and a 200 day simple moving average of $136.45.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. The firm had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.39 EPS. Equities research analysts expect that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SPHR shares. New Street Research set a $188.00 price objective on Sphere Entertainment in a research note on Tuesday, July 14th. Guggenheim raised their price target on shares of Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a report on Friday, July 31st. BTIG Research reiterated a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a research note on Monday, August 3rd. Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Twelve research 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.93.

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.