Commonwealth of Pennsylvania Public School Empls Retrmt SYS Takes Position in Sphere Entertainment Co. $SPHR

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,586 shares of the company’s stock, valued at approximately $773,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp acquired a new stake in Sphere Entertainment in the first quarter valued at $702,000. Hsbc Holdings PLC raised its stake in shares of Sphere Entertainment by 198.9% during the 1st quarter. Hsbc Holdings PLC now owns 10,445 shares of the company’s stock worth $1,204,000 after buying an additional 6,950 shares during the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in shares of Sphere Entertainment in the 1st quarter worth about $716,000. Abel Hall LLC purchased a new stake in shares of Sphere Entertainment in the 1st quarter worth about $220,000. Finally, Ascentis Independent Advisors purchased a new stake in shares of Sphere Entertainment in the 1st quarter worth about $98,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $142.46 on Friday. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $174.60. The company’s 50 day simple moving average is $146.31 and its 200 day simple moving average is $123.84. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 80.03 and a beta of 1.61. 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 (NYSE:SPHR) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. Sphere Entertainment’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the company earned ($2.27) EPS. On average, sell-side analysts predict that Sphere Entertainment Co. will post -2.44 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPHR. Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Seaport Research Partners reissued a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, June 17th. BTIG Research restated a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Weiss Ratings raised Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, Susquehanna increased their target price on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a report on Thursday, June 18th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $161.92.

About Sphere Entertainment

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.