AXQ Capital LP Acquires Shares of 4,377 Sphere Entertainment Co. $SPHR

AXQ Capital LP acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the fourth quarter, Holdings Channel reports. The fund acquired 4,377 shares of the company’s stock, valued at approximately $416,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $48,000. Flagship Harbor Advisors LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $52,000. NewEdge Advisors LLC grew its stake in Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after acquiring an additional 790 shares during the period. Quarry LP grew its stake in Sphere Entertainment by 1,614.0% in the third quarter. Quarry LP now owns 977 shares of the company’s stock valued at $61,000 after acquiring an additional 920 shares during the period. Finally, Larson Financial Group LLC acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $68,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of recent research reports. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 target price on the stock in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Citizens Jmp raised their target price on Sphere Entertainment from $150.00 to $175.00 and gave the company a “market outperform” rating in a report on Wednesday, May 6th. Susquehanna raised their target price on Sphere Entertainment from $133.00 to $159.00 and gave the company a “positive” rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group raised their target price on Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Sphere Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.92.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock opened at $142.30 on Friday. The business’s fifty day simple moving average is $130.89 and its 200 day simple moving average is $109.29. The firm has a market capitalization of $5.05 billion, a P/E ratio of 79.94 and a beta of 1.64. Sphere Entertainment Co. has a 12 month low of $36.80 and a 12 month high of $149.00. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates 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 negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period last year, the company posted ($2.27) earnings per share. As a group, analysts anticipate 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.