Hsbc Holdings PLC Trims Position in Sphere Entertainment Co. $SPHR

Hsbc Holdings PLC trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 84.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,495 shares of the company’s stock after selling 18,670 shares during the period. Hsbc Holdings PLC’s holdings in Sphere Entertainment were worth $335,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Hollencrest Capital Management purchased a new position in shares of Sphere Entertainment during the fourth quarter worth $41,000. Caitong International Asset Management Co. Ltd boosted its holdings in Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Sphere Entertainment in the fourth quarter valued at $48,000. Flagship Harbor Advisors LLC acquired a new stake in Sphere Entertainment during the 4th quarter worth about $52,000. Finally, Rockefeller Capital Management L.P. grew its position in 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 purchasing an additional 100 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SPHR shares. Guggenheim upped their target price on Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a research note on Tuesday. Citizens Jmp lifted their price target on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. Seaport Research Partners reissued a “buy” rating and issued a $173.00 price target on shares of Sphere Entertainment in a report on Wednesday, June 17th. New Street Research set a $188.00 price objective on Sphere Entertainment in a research report on Tuesday. Finally, The Goldman Sachs Group lifted their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.92.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $142.46 on Friday. 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 Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The business’s 50 day moving average is $146.31 and its two-hundred day moving average is $123.84. The company has a market capitalization of $5.06 billion, a P/E ratio of 80.03 and a beta of 1.61.

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 business had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same period in the previous year, the business earned ($2.27) earnings per share. The business’s revenue was up 37.7% compared to the same quarter last year. Analysts expect that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal 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.