Healthcare of Ontario Pension Plan Trust Fund Has $61.51 Million Stake in Sphere Entertainment Co. $SPHR

Healthcare of Ontario Pension Plan Trust Fund grew its position in Sphere Entertainment Co. (NYSE:SPHR) by 24.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 523,934 shares of the company’s stock after purchasing an additional 104,192 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Sphere Entertainment were worth $61,510,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of SPHR. Renaissance Technologies LLC raised its stake in Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after buying an additional 335,900 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Sphere Entertainment by 63.8% during the first quarter. Public Employees Retirement System of Ohio now owns 24,151 shares of the company’s stock valued at $2,835,000 after acquiring an additional 9,403 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Sphere Entertainment during the first quarter valued at $3,621,000. Capula Management Ltd bought a new stake in shares of Sphere Entertainment during the 1st quarter valued at about $1,997,000. Finally, Sei Investments Co. increased its holdings in Sphere Entertainment by 30.8% in the first quarter. Sei Investments Co. now owns 25,373 shares of the company’s stock worth $2,979,000 after purchasing an additional 5,972 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Trading Up 2.1%

Shares of Sphere Entertainment stock opened at $136.15 on Friday. The company has a market capitalization of $4.83 billion, a P/E ratio of 76.49 and a beta of 1.61. The stock has a fifty day simple moving average of $146.79 and a 200 day simple moving average of $125.33. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data 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. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The business had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same period last year, the business earned ($2.27) EPS. The business’s revenue was up 37.7% on a year-over-year basis. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a report on Wednesday, May 6th. Citizens Jmp raised their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Wednesday, June 17th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Seaport Research Partners reiterated a “buy” rating and set a $173.00 target price on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, BTIG Research reissued a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $163.08.

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.