Landscape Capital Management L.L.C. trimmed its holdings in Sphere Entertainment Co. (NYSE:SPHR – Free Report) by 30.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 169,100 shares of the company’s stock after selling 74,076 shares during the period. Sphere Entertainment makes up 1.1% of Landscape Capital Management L.L.C.’s portfolio, making the stock its 7th biggest holding. Landscape Capital Management L.L.C.’s holdings in Sphere Entertainment were worth $16,078,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in SPHR. Royal Bank of Canada boosted its stake in Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after buying an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock worth $532,000 after purchasing an additional 831 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after buying an additional 357,794 shares during the period. Legal & General Group Plc raised its holdings in shares of Sphere Entertainment by 11.2% during the 2nd quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after buying an additional 3,103 shares during the period. Finally, Norges Bank purchased a new stake in shares of Sphere Entertainment during the 2nd quarter valued at about $551,000. 92.03% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on SPHR. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 target price on the stock in a report on Wednesday, May 6th. The Goldman Sachs Group raised their target price on Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $170.00 target price on shares of Sphere Entertainment in a report on Wednesday, May 6th. BTIG Research reiterated a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a report on Tuesday, May 19th. Finally, Susquehanna lifted their price objective on Sphere Entertainment from $133.00 to $159.00 and gave the stock a “positive” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.92.
Sphere Entertainment Stock Performance
Shares of SPHR opened at $153.22 on Friday. The business’s fifty day moving average price is $134.69 and its 200 day moving average price is $111.91. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $154.57. The stock has a market capitalization of $5.44 billion, a PE ratio of 86.08 and a beta of 1.64. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.
Sphere Entertainment (NYSE:SPHR – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The firm had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same period last year, the business posted ($2.27) earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. Equities research analysts forecast that Sphere Entertainment Co. will post -2.44 EPS for the current 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.
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