Corient Private Wealth LLC Makes New Investment in Sphere Entertainment Co. $SPHR

Corient Private Wealth LLC purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,347 shares of the company’s stock, valued at approximately $984,000.

A number of other institutional investors also recently modified their holdings of SPHR. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Sphere Entertainment in the 4th quarter valued at approximately $39,909,000. Goldman Sachs Group Inc. lifted its stake in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares in the last quarter. Mane Global Capital Management LP acquired a new position in Sphere Entertainment during the 3rd quarter worth approximately $22,143,000. Woodline Partners LP acquired a new position in Sphere Entertainment during the 3rd quarter worth approximately $20,503,000. Finally, Fred Alger Management LLC boosted its position in Sphere Entertainment by 370.2% during the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock worth $33,358,000 after acquiring an additional 276,231 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $163.57 on Friday. Sphere Entertainment Co. has a 1-year low of $37.89 and a 1-year high of $174.60. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The firm has a fifty day simple moving average of $143.50 and a 200 day simple moving average of $119.70. The stock has a market capitalization of $5.81 billion, a PE ratio of 91.90 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $386.41 million for the quarter, compared to the consensus estimate of $313.41 million. During the same period in the previous year, the company earned ($2.27) earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. On average, research analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of recent research reports. Susquehanna lifted their price objective on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a report on Thursday, June 18th. Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. BTIG Research reiterated a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a research note on Tuesday, May 19th. JPMorgan Chase & Co. boosted their price target on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Guggenheim increased their price objective on shares of Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $151.15.

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.