Bridgeway Capital Management LLC Has $26.91 Million Stock Position in Sphere Entertainment Co. $SPHR

Bridgeway Capital Management LLC lowered its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 16.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 283,038 shares of the company’s stock after selling 54,476 shares during the quarter. Sphere Entertainment comprises approximately 0.6% of Bridgeway Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Bridgeway Capital Management LLC’s holdings in Sphere Entertainment were worth $26,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Schonfeld Strategic Advisors LLC boosted its holdings in Sphere Entertainment by 153.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 31,785 shares of the company’s stock worth $3,022,000 after buying an additional 19,226 shares during the last quarter. Metavasi Capital LP boosted its holdings in Sphere Entertainment by 23.1% during the fourth quarter. Metavasi Capital LP now owns 218,106 shares of the company’s stock worth $20,738,000 after buying an additional 40,930 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Sphere Entertainment by 181.3% during the fourth quarter. AQR Capital Management LLC now owns 36,163 shares of the company’s stock worth $3,438,000 after buying an additional 23,306 shares during the last quarter. Jain Global LLC bought a new position in Sphere Entertainment during the fourth quarter worth about $3,261,000. Finally, Hilltop Holdings Inc. bought a new position in Sphere Entertainment during the fourth quarter worth about $500,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $151.91 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $5.39 billion, a P/E ratio of 85.34 and a beta of 1.64. The company’s 50 day moving average price is $136.31 and its two-hundred day moving average price is $113.65. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $160.36.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SPHR. Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 target price on the stock in a report on Wednesday, May 6th. Bank of America raised their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Seaport Research Partners restated a “buy” rating and set a $173.00 target price on shares of Sphere Entertainment in a report on Wednesday. The Goldman Sachs Group raised their target price on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Finally, Citizens Jmp raised their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $147.85.

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.