Sei Investments Co. Purchases 5,972 Shares of Sphere Entertainment Co. $SPHR

Sei Investments Co. increased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 30.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,373 shares of the company’s stock after buying an additional 5,972 shares during the period. Sei Investments Co.’s holdings in Sphere Entertainment were worth $2,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPHR. Quent Capital LLC grew its position in shares of Sphere Entertainment by 2,083.3% in the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company’s stock valued at $996,000 after acquiring an additional 10,000 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Sphere Entertainment by 75.4% in the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company’s stock valued at $17,232,000 after purchasing an additional 63,080 shares during the period. Convergence Investment Partners LLC bought a new stake in shares of Sphere Entertainment in the 1st quarter valued at about $3,859,000. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment in the 1st quarter valued at about $15,196,000. Finally, UBS Group AG lifted its stake in Sphere Entertainment by 52.9% in the 4th quarter. UBS Group AG now owns 351,962 shares of the company’s stock valued at $33,465,000 after purchasing an additional 121,819 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Up 3.5%

Shares of NYSE:SPHR opened at $159.56 on Friday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The stock has a market cap of $5.66 billion, a PE ratio of -59.54 and a beta of 1.65. The business has a 50 day moving average of $150.07 and a 200-day 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 announced its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.51) by $0.44. The company had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $3.39 earnings per share. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SPHR shares. Seaport Research Partners reiterated a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a report on Wednesday, June 17th. Guggenheim raised their price objective on Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a research report on Friday, July 31st. BTIG Research reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Sphere Entertainment in a research report on Monday, August 3rd. Citizens Jmp lifted their target price on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. Finally, Weiss Ratings raised Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $163.38.

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.