Great Lakes Advisors LLC Makes New Investment in Sphere Entertainment Co. $SPHR

Key Points

• Great Lakes Advisors initiated a position in Sphere Entertainment, purchasing 15,179 shares valued at approximately $2.63 million. Institutional investors collectively own 92.03% of SPHR.
• Analysts remain broadly bullish: 12 rate the stock a Buy and two a Hold, with a consensus price target of $164.93. Recent targets range from $170 to $200.
• Sphere reported quarterly revenue of $313.64 million, up 10.9% year over year, and an adjusted earnings loss of $1.07 per share—better than the expected $1.51 loss. The stock opened at $155.94, down 2.4%.

Great Lakes Advisors LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 15,179 shares of the company's stock, valued at approximately $2,626,000.

A number of other large investors have also recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in Sphere Entertainment by 7.1% in the second quarter. GAMMA Investing LLC now owns 961 shares of the company's stock worth $166,000 after acquiring an additional 64 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company's stock worth $58,000 after purchasing an additional 100 shares during the period. Vision Retirement LLC lifted its position in shares of Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company's stock worth $57,000 after purchasing an additional 133 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Sphere Entertainment by 0.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company's stock valued at $3,448,000 after purchasing an additional 145 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Sphere Entertainment by 53.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on SPHR shares. Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Piper Sandler initiated coverage on Sphere Entertainment in a research report on Thursday. They issued an "overweight" rating and a $185.00 target price for the company. Morgan Stanley restated an "overweight" rating and issued a $170.00 target price on shares of Sphere Entertainment in a research note on Wednesday, May 6th. New Street Research set a $188.00 price target on Sphere Entertainment in a research report on Tuesday, July 14th. Finally, Citizens Jmp increased their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 17th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $164.93.

Sphere Entertainment Stock Down 2.4%

SPHR stock opened at $155.94 on Friday. 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 company has a market cap of $5.60 billion, a price-to-earnings ratio of -58.19 and a beta of 1.65. The business's 50-day moving average is $154.34 and its two-hundred day moving average is $133.87. Sphere Entertainment Co. has a fifty-two week low of $39.52 and a fifty-two week high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $307.44 million. During the same period in the previous year, the company posted $3.39 EPS. The firm's revenue was up 10.9% on a year-over-year basis. As a group, analysts forecast that Sphere Entertainment Co. will post -2.31 earnings per share for the current 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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