Louisiana State Employees Retirement System Invests $1.39 Million in Sphere Entertainment Co. $SPHR

Louisiana State Employees Retirement System purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,800 shares of the company’s stock, valued at approximately $1,385,000.

Several other large investors have also recently added to or reduced their stakes in SPHR. OP Asset Management Ltd acquired a new position in Sphere Entertainment in the first quarter worth $1,167,000. Rockefeller Capital Management L.P. raised its holdings in shares of Sphere Entertainment by 19.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after purchasing an additional 100 shares during the period. Osbon Capital Management LLC bought a new position in shares of Sphere Entertainment in the 4th quarter worth about $737,000. Corient Private Wealth LLC bought a new position in shares of Sphere Entertainment in the 4th quarter worth about $984,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Sphere Entertainment by 93.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 570 shares of the company’s stock valued at $54,000 after buying an additional 276 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SPHR. The Goldman Sachs Group increased their price objective on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Benchmark lifted their target price on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Guggenheim upped their target price on Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. 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. Finally, JPMorgan Chase & Co. increased their price target on Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and an average target price of $151.15.

Sphere Entertainment Stock Down 3.3%

SPHR opened at $163.57 on Friday. The stock’s 50 day moving average price is $143.50 and its 200 day moving average price is $119.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market cap of $5.81 billion, a P/E ratio of 91.90 and a beta of 1.61. Sphere Entertainment Co. has a 12 month low of $37.89 and a 12 month high of $174.60.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The company had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the previous year, the firm posted ($2.27) EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, research analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share 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.