Corient Private Wealth LLC Invests $984,000 in Sphere Entertainment Co. $SPHR

Corient Private Wealth LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the fourth quarter, Holdings Channel.com reports. The fund bought 10,347 shares of the company’s stock, valued at approximately $984,000.

Other institutional investors have also made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Sphere Entertainment by 5.5% in the first quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock valued at $4,928,000 after purchasing an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock valued at $532,000 after buying an additional 831 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after buying an additional 357,794 shares during the last quarter. Legal & General Group Plc raised its holdings in Sphere Entertainment by 11.2% in the 2nd quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after acquiring an additional 3,103 shares during the period. Finally, Norges Bank acquired a new stake in Sphere Entertainment during the second quarter worth approximately $551,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SPHR. Citizens Jmp boosted their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th. Seaport Research Partners reissued a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a report on Wednesday, June 17th. Susquehanna boosted their price target on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. The Goldman Sachs Group upped their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Finally, Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating and two have given 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 $151.15.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $163.57 on Friday. The company’s 50 day moving average price is $143.50 and its two-hundred day moving average price is $119.70. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The firm has a market cap of $5.81 billion, a PE ratio of 91.90 and a beta of 1.61. 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 released 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. The company had revenue of $386.41 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the business earned ($2.27) earnings per share. Equities research analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share 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.