Empire Life Investments Inc. Makes New Investment in Sphere Entertainment Co. $SPHR

Empire Life Investments Inc. purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 81,267 shares of the company’s stock, valued at approximately $7,727,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new stake in shares of Sphere Entertainment in the third quarter worth approximately $30,000. Flagship Harbor Advisors LLC acquired a new position in Sphere Entertainment in the 4th quarter valued at approximately $52,000. ORG Partners LLC lifted its position in Sphere Entertainment by 80.1% in the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after buying an additional 294 shares in the last quarter. NewEdge Advisors LLC lifted its position in Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock worth $58,000 after buying an additional 790 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Sphere Entertainment by 1,614.0% during the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock valued at $61,000 after buying an additional 920 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SPHR. Guggenheim lifted their price objective on Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group raised their price target on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a report on Wednesday, May 6th. New Street Research set a $110.00 price target on Sphere Entertainment in a research note on Thursday, January 15th. Finally, Susquehanna raised their price objective on shares of Sphere Entertainment from $133.00 to $159.00 and gave the company a “positive” rating in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $145.92.

Sphere Entertainment Price Performance

NYSE SPHR opened at $136.07 on Wednesday. Sphere Entertainment Co. has a 1 year low of $35.58 and a 1 year high of $149.00. The company has a fifty day simple moving average of $122.95 and a 200 day simple moving average of $101.67. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.83 billion, a P/E ratio of 76.44 and a beta of 1.69.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The firm 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 business’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the firm posted ($2.27) EPS. On average, sell-side analysts predict that Sphere Entertainment Co. will post -2.48 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.