Public Employees Retirement System of Ohio Acquires Shares of 24,151 Sphere Entertainment Co. $SPHR

Key Points

• Public Employees Retirement System of Ohio acquired 24,151 shares of Sphere Entertainment worth approximately $4.18 million, while institutional investors collectively own 92.03% of the company.
• Analysts remain broadly positive: 12 rate SPHR a Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $166.
• Sphere Entertainment’s latest quarter exceeded expectations, with adjusted EPS of -$1.07 versus an estimated -$1.51 and revenue of $313.64 million, up 10.9% year over year.

Public Employees Retirement System of Ohio bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,151 shares of the company's stock, valued at approximately $4,179,000. Public Employees Retirement System of Ohio owned approximately 0.07% of Sphere Entertainment at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in Sphere Entertainment by 7.1% during the 2nd quarter. GAMMA Investing LLC now owns 961 shares of the company's stock worth $166,000 after buying an additional 64 shares during the period. Rockefeller Capital Management L.P. boosted its position in Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company's stock valued at $58,000 after buying an additional 100 shares during the last quarter. Vision Retirement LLC grew its stake in shares of Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company's stock valued at $57,000 after acquiring an additional 133 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Sphere Entertainment by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company's stock worth $3,448,000 after acquiring an additional 145 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock worth $43,000 after acquiring an additional 156 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of analyst reports. Guggenheim increased their price target on Sphere Entertainment from $193.00 to $208.00 and gave the company a "buy" rating in a report on Wednesday. Citizens Jmp upped their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a "market outperform" rating in a research report on Wednesday, June 17th. BTIG Research reiterated a "buy" rating and set a $190.00 target price on shares of Sphere Entertainment in a research note on Monday, August 3rd. Susquehanna raised their price target on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a research report on Thursday, June 18th. Finally, Citigroup restated a "market outperform" rating on shares of Sphere Entertainment in a research note on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $166.00.

Sphere Entertainment Stock Up 1.8%

Shares of Sphere Entertainment stock opened at $143.18 on Friday. The business has a 50-day moving average price of $152.66 and a 200 day moving average price of $137.36. Sphere Entertainment Co. has a fifty-two week low of $47.05 and a fifty-two week high of $181.63. The firm has a market cap of $5.14 billion, a P/E ratio of -53.43 and a beta of 1.62. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period in the prior year, the company posted $3.39 EPS. The business's revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts forecast that Sphere Entertainment Co. will post -2.34 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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