9,943 Shares in Sphere Entertainment Co. $SPHR Bought by OP Asset Management Ltd

OP Asset Management Ltd bought a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,943 shares of the company’s stock, valued at approximately $1,167,000.

A number of other large investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Sphere Entertainment during the 4th quarter valued at about $41,000. Caitong International Asset Management Co. Ltd lifted its position in Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after buying an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Sphere Entertainment in the fourth quarter worth approximately $48,000. Flagship Harbor Advisors LLC purchased a new stake in Sphere Entertainment in the fourth quarter worth approximately $52,000. Finally, Rockefeller Capital Management L.P. grew its position in Sphere Entertainment by 19.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of recent research reports. Susquehanna boosted their price objective on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a report on Thursday, June 18th. The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Seaport Research Partners reiterated a “buy” rating and issued a $173.00 target price on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Bank of America boosted their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. upped their price target 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. 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $151.15.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $171.89 on Tuesday. The company’s fifty day moving average price is $141.27 and its 200-day moving average price is $118.01. The stock has a market cap of $6.10 billion, a PE ratio of 96.57 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment Co. has a 12 month low of $37.89 and a 12 month high of $172.34.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.27. The business had revenue of $386.41 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.27) earnings per share. On average, equities analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

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.