Sphere Entertainment Co. $SPHR Shares Sold by Empowered Funds LLC

Key Points

• Empowered Funds LLC cut its Sphere Entertainment stake by 7.5% in the first quarter, selling 12,280 shares and retaining 151,158 shares worth approximately $17.7 million. Institutional investors collectively own 92.03% of the company.
• Sphere Entertainment reported quarterly revenue of $386.4 million, up 37.7% year over year, and an adjusted earnings loss of $0.04 per share, beating analysts’ estimate of a $0.31 loss.
• Wall Street remains broadly positive, with 11 analysts rating the stock a Buy and two assigning a Hold rating. The consensus rating is “Moderate Buy,” with an average price target of $163.08.

Empowered Funds LLC lowered its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 151,158 shares of the company's stock after selling 12,280 shares during the quarter. Empowered Funds LLC owned about 0.43% of Sphere Entertainment worth $17,746,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Hollencrest Capital Management purchased a new stake in Sphere Entertainment during the fourth quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd increased its stake in Sphere Entertainment by 53.1% in the fourth 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 during the last quarter. Parallel Advisors LLC raised its holdings in Sphere Entertainment by 275.0% during the first quarter. Parallel Advisors LLC now owns 465 shares of the company's stock worth $55,000 after purchasing an additional 341 shares in the last quarter. Vision Retirement LLC raised its holdings in Sphere Entertainment by 38.0% during the first quarter. Vision Retirement LLC now owns 483 shares of the company's stock worth $57,000 after purchasing an additional 133 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Stock Up 0.9%

Sphere Entertainment stock opened at $141.28 on Wednesday. Sphere Entertainment Co. has a twelve month low of $37.89 and a twelve month high of $174.60. The stock has a 50 day moving average of $146.97 and a two-hundred day moving average of $126.24. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 79.37 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the previous year, the company posted ($2.27) earnings per share. The company's revenue for the quarter was up 37.7% compared to the same quarter last year. As a group, research analysts expect that Sphere Entertainment Co. will post -2.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Citizens Jmp upped their target price on shares of Sphere Entertainment from $175.00 to $200.00 and gave the company a "market outperform" rating in a report on Wednesday, June 17th. Seaport Research Partners reiterated a "buy" rating and set a $173.00 price target on shares of Sphere Entertainment in a research note on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price target on shares of Sphere Entertainment from $150.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, July 21st. New Street Research set a $188.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Finally, Citigroup restated a "market outperform" rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $163.08.

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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