Fred Alger Management LLC Acquires 276,231 Shares of Sphere Entertainment Co. $SPHR

Fred Alger Management LLC lifted its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 370.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 350,846 shares of the company’s stock after buying an additional 276,231 shares during the period. Fred Alger Management LLC owned about 0.99% of Sphere Entertainment worth $33,358,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. ExodusPoint Capital Management LP grew its holdings in Sphere Entertainment by 45.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 51,896 shares of the company’s stock valued at $4,934,000 after purchasing an additional 16,168 shares during the last quarter. Graham Capital Management L.P. bought a new position in Sphere Entertainment during the 4th quarter valued at about $521,000. Nicholas Investment Partners LP grew its holdings in Sphere Entertainment by 34.6% during the 4th quarter. Nicholas Investment Partners LP now owns 109,395 shares of the company’s stock valued at $10,401,000 after purchasing an additional 28,135 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Sphere Entertainment in the 4th quarter valued at about $39,909,000. Finally, Barclays PLC boosted its position in Sphere Entertainment by 129.3% in the 4th quarter. Barclays PLC now owns 89,803 shares of the company’s stock valued at $8,538,000 after buying an additional 50,639 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SPHR has been the subject of several research reports. BTIG Research reissued a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Citizens Jmp boosted their price objective on shares of Sphere Entertainment from $150.00 to $175.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Citigroup reissued an “outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Finally, Bank of America boosted their price objective on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.92.

Sphere Entertainment Price Performance

Shares of SPHR opened at $154.88 on Wednesday. The company has a 50 day moving average price of $135.79 and a 200-day moving average price of $113.17. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $158.85. The stock has a market capitalization of $5.50 billion, a PE ratio of 87.01 and a beta of 1.65. 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 announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the prior year, the company earned ($2.27) EPS. The company’s revenue was up 37.7% compared to the same quarter last year. Equities analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal 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.