Great Lakes Advisors LLC Invests $2.63 Million in Sphere Entertainment Co. $SPHR

Great Lakes Advisors LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the 2nd quarter, Holdings Channel reports. The fund acquired 15,179 shares of the company’s stock, valued at approximately $2,626,000.

A number of other large investors have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in Sphere Entertainment during the fourth quarter valued at $41,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Sphere Entertainment by 53.1% in the fourth 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 acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $48,000. Parallel Advisors LLC lifted its position in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock worth $55,000 after buying an additional 341 shares in the last quarter. Finally, Vision Retirement LLC raised its holdings in shares of Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after acquiring an additional 133 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

SPHR has been the topic of a number of recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $170.00 target price on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Citigroup reaffirmed a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Piper Sandler assumed coverage on shares of Sphere Entertainment in a research report on Thursday. They set an “overweight” rating and a $185.00 price objective for the company. Susquehanna upped their price target on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a report on Thursday, June 18th. Finally, JPMorgan Chase & Co. cut their target price on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $164.93.

Sphere Entertainment Price Performance

SPHR stock opened at $155.94 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -58.19 and a beta of 1.65. The stock’s fifty day simple moving average is $154.34 and its 200-day simple moving average is $133.87. Sphere Entertainment Co. has a 52-week low of $39.52 and a 52-week high of $181.63.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period last year, the company posted $3.39 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that Sphere Entertainment Co. will post -2.31 EPS for the current 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.