9,500 Shares in Sphere Entertainment Co. $SPHR Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 9,500 Sphere Entertainment shares worth approximately $1.64 million in the second quarter. Institutional investors and hedge funds collectively own 92.03% of the company.
• Analysts maintain a favorable outlook, with 12 Buy ratings and two Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $166.00.
• Sphere Entertainment reported quarterly revenue of $313.64 million, up 10.9% year over year, and a loss of $1.07 per share that beat estimates. The stock opened at $143.27, while its 52-week range is $55.87 to $181.63.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 9,500 shares of the company's stock, valued at approximately $1,644,000.

A number of other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Sphere Entertainment during the first quarter worth approximately $3,621,000. Renaissance Technologies LLC lifted its holdings in Sphere Entertainment by 149.9% in the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock valued at $65,736,000 after purchasing an additional 335,900 shares in the last quarter. Capula Management Ltd acquired a new stake in Sphere Entertainment during the 1st quarter worth $1,997,000. Bank of New York Mellon Corp boosted its stake in Sphere Entertainment by 75.4% during the 1st quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company's stock worth $17,232,000 after purchasing an additional 63,080 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Sphere Entertainment by 84.9% during the first quarter. Quantinno Capital Management LP now owns 36,822 shares of the company's stock worth $4,323,000 after buying an additional 16,907 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Piper Sandler began coverage on shares of Sphere Entertainment in a research note on Thursday, August 20th. They set an "overweight" rating and a $185.00 price objective for the company. Benchmark increased their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Guggenheim raised their target price on shares of Sphere Entertainment from $193.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. lowered their target price on Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has a consensus rating of "Moderate Buy" and an average price target of $166.00.

Sphere Entertainment Stock Up 1.0%

NYSE SPHR opened at $143.27 on Friday. The business's fifty day simple moving average is $149.49 and its 200-day simple moving average is $138.34. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The firm has a market cap of $5.14 billion, a PE ratio of -53.46 and a beta of 1.62. Sphere Entertainment Co. has a 52 week low of $55.87 and a 52 week high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same quarter in the prior year, the firm posted $3.39 earnings per share. Sphere Entertainment's quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts anticipate that Sphere Entertainment Co. will post -2.34 earnings per share for the current year.

Sphere Entertainment Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company's primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.

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