Hsbc Holdings PLC Buys 6,950 Shares of Sphere Entertainment Co. $SPHR

Hsbc Holdings PLC lifted its stake in Sphere Entertainment Co. (NYSE:SPHR) by 198.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,445 shares of the company’s stock after buying an additional 6,950 shares during the period. Hsbc Holdings PLC’s holdings in Sphere Entertainment were worth $1,204,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sphere Entertainment in the fourth quarter valued at $39,909,000. Goldman Sachs Group Inc. boosted its stake in shares of 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 purchasing an additional 357,794 shares in the last quarter. Mane Global Capital Management LP bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $22,143,000. Woodline Partners LP bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $20,503,000. Finally, Fred Alger Management LLC increased its position in shares of Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock worth $33,358,000 after purchasing an additional 276,231 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 0.9%

Shares of NYSE SPHR opened at $141.28 on Wednesday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The firm’s 50-day simple moving average is $146.97 and its 200 day simple moving average is $126.24. 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 $5.02 billion, a price-to-earnings ratio of 79.37 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $313.41 million. During the same quarter last year, the company posted ($2.27) EPS. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. On average, research analysts expect that Sphere Entertainment Co. will post -2.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Seaport Research Partners restated a “buy” rating and issued a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Morgan Stanley reaffirmed an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. Finally, Bank of America increased their price target on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.08.

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.