Assenagon Asset Management S.A. Invests $70.40 Million in Sphere Entertainment Co. $SPHR

Key Points

• Assenagon Asset Management acquired 406,875 shares of Sphere Entertainment worth approximately $70.4 million, representing a 1.15% stake. Institutional investors collectively own 92.03% of SPHR.
• Analysts remain broadly bullish, with 11 Buy ratings and two Holds; the consensus rating is Moderate Buy and the average price target is $163.38, with recent targets reaching as high as $200.
• SPHR opened at $159.56 after rising 3.5%. In its latest quarter, Sphere Entertainment reported revenue of $313.64 million, up 10.9% year over year, and an adjusted loss of $1.07 per share that beat expectations.

Assenagon Asset Management S.A. bought a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 406,875 shares of the company's stock, valued at approximately $70,402,000. Assenagon Asset Management S.A. owned 1.15% of Sphere Entertainment at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPHR. GAMMA Investing LLC lifted its holdings in shares of Sphere Entertainment by 7.1% in the 2nd quarter. GAMMA Investing LLC now owns 961 shares of the company's stock worth $166,000 after acquiring an additional 64 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company's stock valued at $58,000 after purchasing an additional 100 shares during the last quarter. Vision Retirement LLC grew its holdings in shares of Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company's stock valued at $57,000 after purchasing an additional 133 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Sphere Entertainment by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company's stock valued at $3,448,000 after buying an additional 145 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock worth $43,000 after buying an additional 156 shares during the period. 92.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPHR has been the topic of a number of analyst reports. New Street Research set a $188.00 price target on Sphere Entertainment in a research note on Tuesday, July 14th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a report on Wednesday, June 17th. Citizens Jmp upped their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a "market outperform" rating in a research note on Wednesday, June 17th. Benchmark boosted their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Finally, BTIG Research reiterated a "buy" rating and issued a $190.00 price target on shares of Sphere Entertainment in a report on Monday, August 3rd. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $163.38.

Sphere Entertainment Stock Up 3.5%

SPHR stock opened at $159.56 on Friday. The stock has a market capitalization of $5.66 billion, a P/E ratio of -59.54 and a beta of 1.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment Co. has a 1-year low of $37.89 and a 1-year high of $174.60. The business has a fifty day moving average price of $150.07 and a 200-day moving average price of $129.17.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The company had revenue of $313.64 million for the quarter, compared to analysts' expectations of $307.44 million. During the same period last year, the firm posted $3.39 earnings per share. Sphere Entertainment's revenue was up 10.9% compared to the same quarter last year. Equities analysts forecast that Sphere Entertainment Co. will post -2.3 earnings per share 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.

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