Sei Investments Co. Has $2.98 Million Stock Holdings in Sphere Entertainment Co. $SPHR

Sei Investments Co. increased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 30.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,373 shares of the company’s stock after acquiring an additional 5,972 shares during the quarter. Sei Investments Co. owned about 0.07% of Sphere Entertainment worth $2,979,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. State of Wyoming increased its stake in Sphere Entertainment by 56.5% in the first quarter. State of Wyoming now owns 4,189 shares of the company’s stock valued at $492,000 after purchasing an additional 1,513 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Sphere Entertainment by 20.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,421 shares of the company’s stock valued at $402,000 after buying an additional 578 shares during the period. Convergence Investment Partners LLC acquired a new position in shares of Sphere Entertainment in the 1st quarter valued at $3,859,000. Hollencrest Capital Management increased its position in shares of Sphere Entertainment by 126.9% in the 1st quarter. Hollencrest Capital Management now owns 971 shares of the company’s stock valued at $114,000 after buying an additional 543 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SPHR shares. The Goldman Sachs Group raised their price target on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Citizens Jmp raised their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th. Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a report on Tuesday, July 14th. Finally, Guggenheim increased their price objective on shares of Sphere Entertainment from $188.00 to $193.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $163.38.

Sphere Entertainment Trading Up 3.5%

Shares of NYSE:SPHR opened at $159.56 on Friday. The company’s 50-day moving average price is $150.07 and its two-hundred day moving average price is $129.17. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $174.60. The stock has a market capitalization of $5.66 billion, a PE ratio of -59.54 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million during the quarter, compared to analysts’ expectations of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.Sphere Entertainment’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $3.39 EPS. On average, equities analysts forecast that Sphere Entertainment Co. will post -2.3 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.