Bank of New York Mellon Corp Has $17.23 Million Stock Position in Sphere Entertainment Co. $SPHR

Bank of New York Mellon Corp grew its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 75.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 146,782 shares of the company's stock after buying an additional 63,080 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.41% of Sphere Entertainment worth $17,232,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Sphere Entertainment by 5.5% during the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company's stock valued at $4,928,000 after acquiring an additional 7,891 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company's stock worth $532,000 after purchasing an additional 831 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Legal & General Group Plc raised its position in Sphere Entertainment by 11.2% in the second quarter. Legal & General Group Plc now owns 30,752 shares of the company's stock valued at $1,285,000 after purchasing an additional 3,103 shares during the last quarter. Finally, Norges Bank bought a new position in Sphere Entertainment in the second quarter valued at about $551,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Price Performance

Shares of SPHR opened at $140.31 on Thursday. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $174.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 78.83 and a beta of 1.61. The business has a 50-day moving average of $147.08 and a 200-day moving average of $126.58.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.31) by $0.27. The company had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The firm's quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.27) earnings per share. As a group, equities research analysts anticipate that Sphere Entertainment Co. will post -2.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPHR has been the subject of several recent research reports. Benchmark upped their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Citizens Jmp lifted their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a "market outperform" rating in a research report on Wednesday, June 17th. The Goldman Sachs Group lifted their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Morgan Stanley reissued an "overweight" rating and set a $170.00 target price on shares of Sphere Entertainment in a report on Wednesday, May 6th. Finally, Seaport Research Partners restated a "buy" rating and issued a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $163.08.

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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