Fifth Third Bancorp Takes Position in Sphere Entertainment Co. $SPHR

Fifth Third Bancorp acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 5,978 shares of the company’s stock, valued at approximately $702,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPHR. Steadfast Capital Management LP raised its stake in Sphere Entertainment by 0.9% in the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after buying an additional 10,720 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of Sphere Entertainment by 23.2% in the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock valued at $31,775,000 after acquiring an additional 142,997 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after acquiring an additional 357,794 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Sphere Entertainment during the fourth quarter worth approximately $39,909,000. Finally, Mane Global Capital Management LP purchased a new stake in Sphere Entertainment during the third quarter worth approximately $22,143,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Trading Up 2.8%

Shares of Sphere Entertainment stock opened at $140.05 on Tuesday. 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 company has a market capitalization of $4.97 billion, a P/E ratio of 78.68 and a beta of 1.61. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $174.60. The company’s fifty day moving average is $146.85 and its two-hundred day moving average is $125.89.

Sphere Entertainment (NYSE:SPHR) last announced its earnings results 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 net margin of 8.05% and a negative return on equity of 5.07%. 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 prior year, the company earned ($2.27) earnings per share. The business’s revenue was up 37.7% compared to the same quarter last year. Analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPHR. The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. BTIG Research reissued a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a research report on Monday. JPMorgan Chase & Co. upped their price objective on shares of Sphere Entertainment from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. 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 has a consensus rating of “Moderate Buy” and a consensus price target of $163.08.

Sphere Entertainment Company 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.