Sphere Entertainment Co. $SPHR Shares Sold by First Trust Advisors LP

First Trust Advisors LP trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 43.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,369 shares of the company’s stock after selling 16,490 shares during the period. First Trust Advisors LP’s holdings in Sphere Entertainment were worth $2,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in SPHR. Rockefeller Capital Management L.P. raised its stake in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock worth $58,000 after buying an additional 100 shares in the last quarter. Vision Retirement LLC boosted its stake in shares of Sphere Entertainment by 38.0% in the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after buying an additional 133 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Sphere Entertainment by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after acquiring an additional 145 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares during the period. Finally, Putney Financial Group LLC raised its position in Sphere Entertainment by 4.2% in the fourth quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock worth $425,000 after acquiring an additional 180 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPHR has been the topic of several research analyst reports. Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Seaport Research Partners reiterated a “buy” rating and issued a $173.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Citizens Jmp boosted their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research report on Tuesday, July 14th. 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, Sphere Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $163.38.

Sphere Entertainment Trading Up 3.5%

Shares of SPHR stock opened at $159.56 on Friday. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The stock has a market cap of $5.66 billion, a P/E ratio of -59.54 and a beta of 1.65. The business has a fifty day simple moving average of $150.07 and a 200-day simple moving average of $129.17. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The business had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. During the same quarter in the previous year, the company posted $3.39 EPS. The business’s revenue was up 10.9% on a year-over-year basis. On average, analysts forecast that Sphere Entertainment Co. will post -2.3 earnings per share for the current fiscal 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.