Fifth Third Bancorp Invests $702,000 in Sphere Entertainment Co. $SPHR

Fifth Third Bancorp purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,978 shares of the company’s stock, valued at approximately $702,000.

Other large investors have also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Sphere Entertainment during the fourth quarter worth $39,909,000. Goldman Sachs Group Inc. increased its position 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 worth $20,577,000 after purchasing an additional 357,794 shares during the last quarter. Mane Global Capital Management LP purchased a new stake in Sphere Entertainment in the 3rd quarter valued at about $22,143,000. Woodline Partners LP purchased a new stake in Sphere Entertainment in the 3rd quarter valued at about $20,503,000. Finally, Fred Alger Management LLC lifted its position in Sphere Entertainment by 370.2% in the fourth quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock valued at $33,358,000 after buying an additional 276,231 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPHR has been the subject of a number of recent analyst reports. Benchmark lifted their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Citizens Jmp increased their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Wednesday, June 17th. Guggenheim lifted their target price 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. Seaport Research Partners restated a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Finally, Susquehanna raised their price target on Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research report on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and an average price target of $163.08.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $140.05 on Tuesday. The firm has a 50 day moving average of $146.85 and a two-hundred day moving average of $125.89. The stock has a market capitalization of $4.97 billion, a PE ratio of 78.68 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $174.60.

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