Sphere Entertainment Co. $SPHR Shares Sold by Empowered Funds LLC

Empowered Funds LLC reduced its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 7.5% in the 1st quarter, HoldingsChannel reports. The firm owned 151,158 shares of the company’s stock after selling 12,280 shares during the period. Empowered Funds LLC’s holdings in Sphere Entertainment were worth $17,746,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Steadfast Capital Management LP boosted its holdings in Sphere Entertainment by 0.9% in the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after purchasing an additional 10,720 shares in the last quarter. Holocene Advisors LP raised its stake in shares of 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares in the last quarter. Renaissance Technologies LLC lifted 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 valued at $65,736,000 after buying an additional 335,900 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Sphere Entertainment by 24.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock valued at $61,510,000 after buying an additional 104,192 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Morgan Stanley restated an “overweight” rating and issued a $170.00 price target on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Benchmark raised their target price on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. boosted their target price on shares of Sphere Entertainment from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. Susquehanna upped their price target on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research note on Thursday, June 18th. Finally, Guggenheim increased their price target on shares of Sphere Entertainment from $175.00 to $188.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.08.

Sphere Entertainment Trading Up 0.9%

Shares of SPHR stock opened at $141.28 on Wednesday. The stock has a market cap of $5.02 billion, a P/E ratio of 79.37 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The business has a fifty day simple moving average of $146.97 and a 200-day simple moving average of $126.24.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The business had revenue of $386.41 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($2.27) EPS. On average, analysts forecast that Sphere Entertainment Co. will post -2.5 earnings per share for the current fiscal 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.