Apollon Wealth Management LLC Invests $422,000 in Sphere Entertainment Co. $SPHR

Apollon Wealth Management LLC purchased a new position in Sphere Entertainment Co. (NYSE:SPHR) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,591 shares of the company’s stock, valued at approximately $422,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hollencrest Capital Management acquired a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd raised its position in Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter worth $48,000. Flagship Harbor Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter worth $52,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $163.57 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $174.60. The firm has a market cap of $5.81 billion, a PE ratio of 91.90 and a beta of 1.61. The firm’s fifty day moving average is $144.19 and its 200-day moving average is $120.22.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SPHR shares. Citizens Jmp lifted their price target on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 17th. Seaport Research Partners restated a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Citigroup reaffirmed a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Guggenheim boosted their target price on Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $151.15.

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.