First Trust Advisors LP Lowers Stake in Sphere Entertainment Co. $SPHR

Key Points

• First Trust Advisors LP cut its Sphere Entertainment stake by 43.6% in the first quarter, selling 16,490 shares and retaining 21,369 shares valued at approximately $2.5 million.
• Institutional ownership remains high at 92.03%, with Goldman Sachs, Fred Alger Management and other major investors increasing or initiating positions in SPHR.
• Analyst sentiment is broadly positive, with 11 Buy ratings and two Holds producing a “Moderate Buy” consensus and a $163.38 average price target. Sphere also exceeded quarterly earnings and revenue expectations, reporting $313.64 million in revenue, up 10.9% year over year.

First Trust Advisors LP decreased its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 43.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,369 shares of the company's stock after selling 16,490 shares during the quarter. First Trust Advisors LP owned 0.06% of Sphere Entertainment worth $2,509,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at $39,909,000. Goldman Sachs Group Inc. lifted its stake in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after acquiring an additional 357,794 shares in the last quarter. Mane Global Capital Management LP purchased a new position in Sphere Entertainment during the 3rd quarter valued at about $22,143,000. Woodline Partners LP purchased a new position in Sphere Entertainment during the 3rd quarter valued at about $20,503,000. Finally, Fred Alger Management LLC grew its position in Sphere Entertainment by 370.2% in the 4th quarter. Fred Alger Management LLC now owns 350,846 shares of the company's stock valued at $33,358,000 after acquiring an additional 276,231 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Susquehanna boosted their price target on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a research note on Thursday, June 18th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. New Street Research set a $188.00 price objective on shares of Sphere Entertainment in a report on Tuesday, July 14th. Weiss Ratings raised shares of Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group increased 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. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $163.38.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $159.56 on Friday. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $174.60. The stock has a market capitalization of $5.66 billion, a PE ratio of -59.54 and a beta of 1.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a 50-day simple moving average of $150.07 and a 200-day simple moving average of $129.17.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share 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 analyst estimates of $307.44 million. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The business's quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.39 earnings per share. On average, analysts predict that Sphere Entertainment Co. will post -2.3 earnings per share for the current fiscal year.

Sphere Entertainment Profile

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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