Renaissance Technologies LLC Increases Stock Position in Sphere Entertainment Co. $SPHR

Renaissance Technologies LLC increased its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 149.9% during the first quarter, Holdings Channel.com reports. The firm owned 559,935 shares of the company’s stock after buying an additional 335,900 shares during the period. Renaissance Technologies LLC’s holdings in Sphere Entertainment were worth $65,736,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in Sphere Entertainment in the fourth quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd boosted its position in Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Sphere Entertainment during the 4th quarter valued at $48,000. Flagship Harbor Advisors LLC purchased a new position in shares of Sphere Entertainment in the 4th quarter valued at $52,000. Finally, Parallel Advisors LLC raised its position in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after acquiring an additional 341 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $136.15 on Monday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The business’s fifty day simple moving average is $146.79 and its 200-day simple moving average is $125.55. 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 has a market cap of $4.83 billion, a PE ratio of 76.49 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data 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 negative return on equity of 5.07% and a net margin of 8.05%.The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter last year, the firm earned ($2.27) EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. Analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SPHR shares. Morgan Stanley restated an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, May 6th. New Street Research set a $188.00 target price on Sphere Entertainment in a research note on Tuesday, July 14th. Susquehanna boosted their target price 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 price target on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Finally, Guggenheim raised their price target on shares of Sphere Entertainment from $175.00 to $188.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $163.08.

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.