VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Sphere Entertainment Co. $SPHR

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the company’s stock, valued at approximately $951,000.

Other large investors also recently made changes to their positions in the company. Legato Capital Management LLC bought a new position in shares of Sphere Entertainment during the 3rd quarter valued at about $661,000. Kelleher Financial Advisors purchased a new stake in Sphere Entertainment during the fourth quarter valued at about $389,000. Citigroup Inc. lifted its stake in Sphere Entertainment by 94.0% during the third quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock valued at $3,143,000 after buying an additional 24,520 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in Sphere Entertainment by 141.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 27,947 shares of the company’s stock valued at $2,657,000 after buying an additional 16,351 shares in the last quarter. Finally, Pinnbrook Capital Management LP purchased a new stake in Sphere Entertainment during the third quarter valued at about $3,045,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 0.4%

Shares of Sphere Entertainment stock opened at $134.24 on Friday. Sphere Entertainment Co. has a 12-month low of $35.58 and a 12-month high of $149.00. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $124.14 and a two-hundred day moving average price of $102.83. The stock has a market capitalization of $4.77 billion, a P/E ratio of 75.41 and a beta of 1.69.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (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 business had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. During the same period last year, the business posted ($2.27) EPS. Sphere Entertainment’s revenue was up 37.7% compared to the same quarter last year. Equities analysts expect that Sphere Entertainment Co. will post -2.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on SPHR. Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. BTIG Research upped their price objective on shares of Sphere Entertainment from $127.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, May 6th. National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Finally, Susquehanna upped their price objective on shares of Sphere Entertainment from $133.00 to $159.00 and gave the company a “positive” rating in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus target price of $145.92.

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.