Fred Alger Management LLC Increases Stock Position in Sphere Entertainment Co. $SPHR

Fred Alger Management LLC lifted its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 370.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 350,846 shares of the company’s stock after acquiring an additional 276,231 shares during the quarter. Fred Alger Management LLC’s holdings in Sphere Entertainment were worth $33,358,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SPHR. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Sphere Entertainment during the fourth quarter valued at approximately $39,909,000. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Mane Global Capital Management LP purchased a new stake in Sphere Entertainment during the third quarter valued at approximately $22,143,000. Woodline Partners LP purchased a new stake in Sphere Entertainment during the third quarter valued at approximately $20,503,000. Finally, Islander Capital Partners L.P. purchased a new stake in Sphere Entertainment during the fourth quarter valued at approximately $20,920,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SPHR shares. BTIG Research reissued a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Susquehanna increased their target price on shares of Sphere Entertainment from $133.00 to $159.00 and gave the company a “positive” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Citizens Jmp increased their target price on shares of Sphere Entertainment from $150.00 to $175.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley reissued an “overweight” rating and set a $170.00 target price on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $145.92.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $154.88 on Wednesday. The stock has a 50-day moving average of $135.79 and a two-hundred day moving average of $113.17. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $158.85. 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 stock has a market cap of $5.50 billion, a P/E ratio of 87.01 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping 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 previous year, the firm posted ($2.27) EPS. The firm’s revenue was up 37.7% compared to the same quarter last year. As a group, research analysts predict that Sphere Entertainment Co. will post -2.44 EPS for the current year.

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.