Convergence Investment Partners LLC Acquires Shares of 32,867 Sphere Entertainment Co. $SPHR

Key Points

• Convergence Investment Partners disclosed a new first-quarter position in Sphere Entertainment, buying 32,867 shares worth about $3.86 million, or 0.09% of the company.
• Sphere Entertainment’s stock was down 3.8% on the day, but the company has seen significant institutional interest, with investors owning 92.03% of shares.
• The company beat second-quarter expectations, reporting EPS of -$0.04 versus estimates for -$0.31 and revenue of $386.41 million, up 37.7% year over year; analysts remain broadly bullish with a Moderate Buy consensus and an average price target of $161.92.

Convergence Investment Partners LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 32,867 shares of the company's stock, valued at approximately $3,859,000. Convergence Investment Partners LLC owned 0.09% of Sphere Entertainment as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Hollencrest Capital Management purchased a new position in shares of Sphere Entertainment in the 4th quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 purchasing an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Sphere Entertainment in the fourth quarter worth $48,000. Flagship Harbor Advisors LLC purchased a new position in Sphere Entertainment during the fourth quarter valued at $52,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Sphere Entertainment by 275.0% during the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company's stock valued at $55,000 after buying an additional 341 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Down 3.8%

Shares of SPHR stock opened at $137.24 on Tuesday. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $174.60. The firm has a fifty day moving average price of $146.52 and a 200-day moving average price of $124.34. 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 cap of $4.87 billion, a price-to-earnings ratio of 77.10 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results 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 analysts' expectations of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.Sphere Entertainment's revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the firm earned ($2.27) EPS. As a group, equities analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on SPHR shares. Citizens Jmp upped 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. BTIG Research reissued a "buy" rating and set a $190.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, May 19th. New Street Research set a $188.00 price objective on shares of Sphere Entertainment in a report on Tuesday, July 14th. Guggenheim upped their price objective on shares of Sphere Entertainment from $175.00 to $188.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $170.00 target price on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $161.92.

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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