Legato Capital Management LLC grew its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR – Free Report) by 76.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 18,774 shares of the company’s stock after buying an additional 8,141 shares during the period. Legato Capital Management LLC’s holdings in Sphere Entertainment were worth $1,785,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new position in Sphere Entertainment during the fourth quarter worth about $52,000. Larson Financial Group LLC bought a new position in Sphere Entertainment during the fourth quarter worth about $68,000. ORG Partners LLC boosted its position in shares of Sphere Entertainment by 35.4% in the fourth quarter. ORG Partners LLC now owns 895 shares of the company’s stock valued at $85,000 after acquiring an additional 234 shares during the period. NewEdge Advisors LLC boosted its position in shares of Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after acquiring an additional 790 shares during the period. Finally, Quarry LP boosted its position in shares of Sphere Entertainment by 1,614.0% in the third quarter. Quarry LP now owns 977 shares of the company’s stock valued at $61,000 after acquiring an additional 920 shares during the period. Institutional investors own 92.03% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the stock. BTIG Research restated a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Guggenheim raised their price objective on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Finally, Morgan Stanley restated an “overweight” rating and issued a $170.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $145.92.
Sphere Entertainment Trading Down 0.8%
Shares of Sphere Entertainment stock opened at $129.16 on Friday. Sphere Entertainment Co. has a 1 year low of $36.32 and a 1 year high of $149.00. The firm has a market cap of $4.59 billion, a PE ratio of 72.56 and a beta of 1.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The company has a 50 day simple moving average of $126.01 and a two-hundred day simple moving average of $105.12.
Sphere Entertainment (NYSE:SPHR – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating 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 business had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. During the same period in the previous year, the business posted ($2.27) earnings per share. Sphere Entertainment’s revenue for the quarter was up 37.7% on a year-over-year basis. Analysts expect that Sphere Entertainment Co. will post -2.48 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.
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