Norges Bank Makes New $18.89 Million Investment in Sphere Entertainment Co. $SPHR

Norges Bank purchased a new position in Sphere Entertainment Co. (NYSE:SPHR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 198,673 shares of the company’s stock, valued at approximately $18,890,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Arizona State Retirement System lifted its holdings in Sphere Entertainment by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock worth $482,000 after buying an additional 152 shares during the period. Putney Financial Group LLC lifted its holdings in Sphere Entertainment by 4.2% in the 4th quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock worth $425,000 after buying an additional 180 shares during the period. ORG Partners LLC lifted its holdings in Sphere Entertainment by 35.4% in the 4th quarter. ORG Partners LLC now owns 895 shares of the company’s stock worth $85,000 after buying an additional 234 shares during the period. Handelsbanken Fonder AB lifted its holdings in Sphere Entertainment by 5.3% in the 4th quarter. Handelsbanken Fonder AB now owns 6,000 shares of the company’s stock worth $570,000 after buying an additional 300 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Sphere Entertainment by 1.6% in the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock worth $861,000 after buying an additional 315 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Wednesday, May 6th. Bank of America increased their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. BTIG Research reiterated a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a report on Tuesday, May 19th. Finally, The Goldman Sachs Group increased their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $145.92.

Sphere Entertainment Trading Up 1.6%

NYSE SPHR opened at $139.71 on Wednesday. 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 twelve month low of $37.89 and a twelve month high of $149.00. The firm has a market capitalization of $4.96 billion, a PE ratio of 78.49 and a beta of 1.64. The stock’s 50 day moving average is $132.63 and its 200 day moving average is $110.61.

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