Renaissance Technologies LLC Purchases 335,900 Shares of Sphere Entertainment Co. $SPHR

Key Points

• Renaissance Technologies increased its Sphere Entertainment stake by 149.9% in the first quarter, purchasing 335,900 additional shares and bringing its holdings to 559,935 shares worth approximately $65.7 million.
• Institutional investors own 92.03% of Sphere Entertainment, with several firms—including Arrowstreet Capital and Capula Management—establishing or expanding positions during the quarter.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $163.08 price target. Sphere’s latest quarter beat expectations, reporting an adjusted loss of $0.04 per share and revenue growth of 37.7% year over year.

Renaissance Technologies LLC raised its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 149.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 559,935 shares of the company's stock after purchasing an additional 335,900 shares during the quarter. Renaissance Technologies LLC owned 1.58% of Sphere Entertainment worth $65,736,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in shares of Sphere Entertainment by 63.8% during the first quarter. Public Employees Retirement System of Ohio now owns 24,151 shares of the company's stock valued at $2,835,000 after buying an additional 9,403 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Sphere Entertainment during the 1st quarter worth approximately $3,621,000. Capula Management Ltd bought a new stake in shares of Sphere Entertainment during the 1st quarter worth approximately $1,997,000. Sei Investments Co. boosted its holdings in Sphere Entertainment by 30.8% during the 1st quarter. Sei Investments Co. now owns 25,373 shares of the company's stock valued at $2,979,000 after acquiring an additional 5,972 shares during the period. Finally, State of Wyoming boosted its holdings in Sphere Entertainment by 56.5% during the 1st quarter. State of Wyoming now owns 4,189 shares of the company's stock valued at $492,000 after acquiring an additional 1,513 shares during the period. Institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SPHR shares. Seaport Research Partners reiterated a "buy" rating and issued a $173.00 target price on shares of Sphere Entertainment in a research note on Wednesday, June 17th. BTIG Research reissued a "buy" rating and set a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Citizens Jmp upped their price target on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 17th. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Finally, Benchmark lifted their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of "Moderate Buy" and an average price target of $163.08.

Sphere Entertainment Trading Down 0.1%

SPHR opened at $136.15 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The stock's fifty day moving average is $146.79 and its two-hundred day moving average is $125.55. The company has a market capitalization of $4.83 billion, a P/E ratio of 76.49 and a beta of 1.61. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $174.60.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The business had revenue of $386.41 million during the quarter, compared to analysts' expectations of $313.41 million. During the same period in the prior year, the business earned ($2.27) EPS. The business's revenue for the quarter was up 37.7% compared to the same quarter last year. Analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

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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