Nicholas Investment Partners LP Increases Stock Position in Sphere Entertainment Co. $SPHR

Nicholas Investment Partners LP lifted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 34.6% during the 4th quarter, Holdings Channel reports. The firm owned 109,395 shares of the company’s stock after buying an additional 28,135 shares during the period. Nicholas Investment Partners LP’s holdings in Sphere Entertainment were worth $10,401,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SPHR. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth about $39,909,000. Goldman Sachs Group Inc. lifted its position in shares of Sphere Entertainment by 132.0% during the first 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 in the last quarter. Mane Global Capital Management LP acquired a new stake in shares of Sphere Entertainment during the third quarter worth about $22,143,000. Woodline Partners LP acquired a new stake in shares of Sphere Entertainment during the third quarter worth about $20,503,000. Finally, Islander Capital Partners L.P. acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth about $20,920,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 1.6%

Shares of NYSE:SPHR opened at $153.22 on Friday. The firm’s 50 day moving average price is $134.69 and its 200 day moving average price is $111.91. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 86.08 and a beta of 1.64. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $154.57. 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 (NYSE:SPHR) last issued its 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. The firm had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the company earned ($2.27) earnings per share. As a group, equities research analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Citizens Jmp increased their price target on shares of Sphere Entertainment from $150.00 to $175.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 6th. Citigroup reissued an “outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Morgan Stanley reissued an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.92.

Sphere Entertainment Company 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.