Bridgeway Capital Management LLC Has $26.91 Million Stock Holdings in Sphere Entertainment Co. $SPHR

Bridgeway Capital Management LLC cut its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 16.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 283,038 shares of the company’s stock after selling 54,476 shares during the quarter. Sphere Entertainment makes up 0.6% of Bridgeway Capital Management LLC’s portfolio, making the stock its 17th largest position. Bridgeway Capital Management LLC owned 0.80% of Sphere Entertainment worth $26,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in shares of Sphere Entertainment by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock valued at $3,448,000 after buying an additional 145 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after buying an additional 156 shares in the last quarter. Putney Financial Group LLC increased its stake in shares of Sphere Entertainment by 4.2% in the fourth quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock valued at $425,000 after buying an additional 180 shares in the last quarter. ORG Partners LLC increased its stake in shares of Sphere Entertainment by 35.4% in the fourth quarter. ORG Partners LLC now owns 895 shares of the company’s stock valued at $85,000 after buying an additional 234 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of Sphere Entertainment by 5.3% in the fourth quarter. Handelsbanken Fonder AB now owns 6,000 shares of the company’s stock valued at $570,000 after buying an additional 300 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $151.91 on Thursday. The stock has a 50-day moving average price of $136.31 and a 200 day moving average price of $113.65. 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 firm has a market cap of $5.39 billion, a price-to-earnings ratio of 85.34 and a beta of 1.64. Sphere Entertainment Co. has a 12 month low of $37.89 and a 12 month high of $160.36.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The firm had revenue of $386.41 million during 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%.The company’s revenue was up 37.7% on a year-over-year basis. During the same period last year, the company earned ($2.27) earnings per share. Research analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPHR. Citizens Jmp raised their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 target price for the company in a research note on Wednesday, May 6th. 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 research note on Wednesday, April 8th. 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 research note on Wednesday, May 6th. Finally, BTIG Research restated a “buy” rating and issued a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus price target of $147.85.

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.