Vanguard Group Inc. Sells 48,887 Shares of Sphere Entertainment Co. $SPHR

Vanguard Group Inc. lowered its stake in Sphere Entertainment Co. (NYSE:SPHR) by 1.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,665,961 shares of the company’s stock after selling 48,887 shares during the quarter. Vanguard Group Inc. owned about 0.07% of Sphere Entertainment worth $165,609,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of SPHR. Ariel Investments LLC raised its holdings in shares of Sphere Entertainment by 12.7% during the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after purchasing an additional 802,098 shares during the period. Goldman Sachs Group Inc. increased its position in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after buying an additional 357,794 shares in the last quarter. Holocene Advisors LP raised its stake in Sphere Entertainment by 23.2% during the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after buying an additional 142,997 shares during the period. PDT Partners LLC acquired a new position in Sphere Entertainment during the 2nd quarter worth approximately $4,892,000. Finally, Raymond James Financial Inc. boosted its holdings in Sphere Entertainment by 267.6% in the second quarter. Raymond James Financial Inc. now owns 117,416 shares of the company’s stock worth $4,908,000 after acquiring an additional 85,475 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPHR has been the subject of several recent research reports. Benchmark upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, February 17th. National Bank Financial set a $136.00 price target on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Craig Hallum restated a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a report on Thursday, December 18th. BTIG Research raised their price target on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Finally, Guggenheim increased their price objective on Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.23.

Sphere Entertainment Stock Performance

SPHR stock opened at $114.34 on Tuesday. The business has a 50 day moving average of $99.99 and a 200-day moving average of $78.10. The firm has a market cap of $4.06 billion, a PE ratio of -254.09 and a beta of 1.61. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $120.27. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $1.35. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The firm had revenue of $394.28 million during the quarter, compared to the consensus estimate of $377.60 million. During the same quarter in the prior year, the company earned ($3.49) EPS. The business’s revenue for the quarter was up 27.9% on a year-over-year basis. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Sphere Entertainment Company 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.