Engineers Gate Manager LP Cuts Stock Position in Sphere Entertainment Co. $SPHR

Key Points

• Engineers Gate Manager LP cut its Sphere Entertainment stake by 59.9% in the second quarter, selling 46,757 shares and retaining 31,296 shares valued at approximately $5.4 million.
• Institutional ownership remains high at 92.03%, while several major investors—including Goldman Sachs, Royal Bank of Canada and Legal & General—expanded their positions.
• Analysts maintain a positive outlook, with 12 Buy ratings and two Holds, an average price target of $166, and recent targets ranging from $182 to $191. Sphere also exceeded quarterly revenue and adjusted EPS expectations, with revenue rising 10.9% year over year.

Engineers Gate Manager LP lessened its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 59.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,296 shares of the company's stock after selling 46,757 shares during the period. Engineers Gate Manager LP owned approximately 0.09% of Sphere Entertainment worth $5,415,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPHR. Royal Bank of Canada grew its stake in shares of Sphere Entertainment by 5.5% in the first quarter. Royal Bank of Canada now owns 150,614 shares of the company's stock worth $4,928,000 after acquiring an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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. boosted its stake 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 grew its position in Sphere Entertainment by 11.2% during the 2nd 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 purchased a new stake in Sphere Entertainment during the 2nd quarter valued at about $551,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SPHR shares. 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 report on Wednesday, July 8th. Seaport Research Partners reiterated a "buy" rating and set a $191.00 price target on shares of Sphere Entertainment in a report on Thursday, August 13th. Weiss Ratings raised shares of Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Susquehanna boosted their price objective on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a report on Thursday, June 18th. Finally, 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. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of "Moderate Buy" and an average price target of $166.00.

Sphere Entertainment Price Performance

NYSE SPHR opened at $143.27 on Friday. The business's fifty day moving average price is $149.49 and its 200-day moving average price is $138.34. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of -53.46 and a beta of 1.62. 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 $55.87 and a 1-year high of $181.63.

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

Sphere Entertainment Company 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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