OP Asset Management Ltd Acquires Shares of 9,943 Sphere Entertainment Co. $SPHR

OP Asset Management Ltd bought a new position in Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 9,943 shares of the company’s stock, valued at approximately $1,167,000.

Other institutional investors have also recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in shares of Sphere Entertainment during the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd lifted its position in Sphere Entertainment by 53.1% in the 4th 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 bought a new position in Sphere Entertainment in the 4th quarter valued at approximately $48,000. Flagship Harbor Advisors LLC purchased a new stake in Sphere Entertainment during the 4th quarter valued at $52,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

SPHR stock opened at $171.89 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $172.34. The company has a market cap of $6.10 billion, a P/E ratio of 96.57 and a beta of 1.65. The stock’s fifty day moving average price is $141.27 and its 200-day moving average price is $118.01.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the prior year, the business earned ($2.27) earnings per share. Sphere Entertainment’s revenue for the quarter was up 37.7% compared to the same quarter last year. On average, equities analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

SPHR has been the topic of a number of research analyst reports. 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. Citizens Jmp boosted their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Wednesday, June 17th. Guggenheim upped their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Benchmark raised their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Finally, BTIG Research reiterated a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $151.15.

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.