23,828 Shares in Sphere Entertainment Co. $SPHR Bought by Polen Capital Management LLC

Polen Capital Management LLC bought a new position in Sphere Entertainment Co. (NYSE:SPHR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,828 shares of the company’s stock, valued at approximately $2,266,000.

Several other hedge funds also recently made changes to their positions in the company. Steadfast Capital Management LP increased its stake in shares of Sphere Entertainment by 0.9% in the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock worth $78,054,000 after buying an additional 10,720 shares during the period. Holocene Advisors LP increased its stake in shares of Sphere Entertainment by 23.2% in the second quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after buying an additional 142,997 shares during the period. Goldman Sachs Group Inc. increased its position in 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 purchasing an additional 357,794 shares during the period. Mane Global Capital Management LP purchased a new position in Sphere Entertainment during the 3rd quarter valued at $22,143,000. Finally, UBS Group AG increased its position in Sphere Entertainment by 52.9% during the 4th quarter. UBS Group AG now owns 351,962 shares of the company’s stock valued at $33,465,000 after purchasing an additional 121,819 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SPHR. Citigroup reissued an “outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Guggenheim boosted 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. Susquehanna boosted their price objective on shares of Sphere Entertainment from $133.00 to $159.00 and gave the company a “positive” rating in a research report on Wednesday, May 6th. Finally, BTIG Research reissued a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $145.92.

Sphere Entertainment Stock Up 6.5%

Shares of Sphere Entertainment stock opened at $151.18 on Friday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $151.94. The company has a market cap of $5.37 billion, a P/E ratio of 84.93 and a beta of 1.64. 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 company’s fifty day simple moving average is $134.01 and its two-hundred day simple moving average is $111.62.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating 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 firm had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the previous year, the business posted ($2.27) EPS. The company’s quarterly revenue was up 37.7% on a year-over-year basis. Research analysts anticipate that Sphere Entertainment Co. will post -2.44 EPS for the current year.

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.