Convergence Investment Partners LLC Makes New Investment in Sphere Entertainment Co. $SPHR

Convergence Investment Partners LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the first quarter, HoldingsChannel.com reports. The firm bought 32,867 shares of the company’s stock, valued at approximately $3,859,000.

Several other large investors have also added to or reduced their stakes in the company. Stratos Wealth Partners LTD. grew its stake in Sphere Entertainment by 141.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 27,947 shares of the company’s stock valued at $2,657,000 after acquiring an additional 16,351 shares in the last quarter. Kelleher Financial Advisors purchased a new stake in Sphere Entertainment in the 4th quarter worth $389,000. SG Americas Securities LLC boosted its holdings in shares of Sphere Entertainment by 84.6% during the 4th quarter. SG Americas Securities LLC now owns 87,283 shares of the company’s stock valued at $8,299,000 after purchasing an additional 40,002 shares during the last quarter. Perigon Wealth Management LLC bought a new position in shares of Sphere Entertainment during the 4th quarter valued at about $1,694,000. Finally, Quent Capital LLC grew its position in shares of Sphere Entertainment by 2,083.3% during the fourth quarter. Quent Capital LLC now owns 10,480 shares of the company’s stock valued at $996,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Benchmark lifted their target price on Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Citizens Jmp increased their price target 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 restated a “buy” rating and set a $190.00 price target on shares of Sphere Entertainment in a report on Tuesday, May 19th. Guggenheim lifted their price objective on Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. Eleven 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 company currently has an average rating of “Moderate Buy” and an average price target of $161.92.

Sphere Entertainment Stock Performance

Sphere Entertainment stock opened at $137.24 on Tuesday. The company’s 50-day moving average price is $146.52 and its 200-day moving average price is $124.34. Sphere Entertainment Co. has a twelve month low of $37.89 and a twelve month high of $174.60. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.87 billion, a PE ratio of 77.10 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating 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 the consensus estimate of $313.41 million. During the same quarter last year, the firm earned ($2.27) EPS. The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. On average, equities research analysts forecast that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal 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.