Sphere Entertainment Co. $SPHR Shares Sold by Systematic Financial Management LP

Key Points

• Systematic Financial Management LP trimmed its Sphere Entertainment stake by 2.9% in the first quarter, selling 8,943 shares and ending with 297,491 shares worth about $34.9 million.
• Institutional ownership remains very high, with hedge funds and other institutions controlling 92.03% of the stock. Several firms recently increased their positions, including Goldman Sachs and Holocene Advisors.
• Analysts remain broadly constructive on Sphere Entertainment, with 11 Buy ratings and 2 Hold ratings; the consensus target price is $163.08. The company also beat quarterly earnings and revenue estimates, reporting revenue up 37.7% year over year.

Systematic Financial Management LP lessened its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,491 shares of the company's stock after selling 8,943 shares during the quarter. Systematic Financial Management LP owned 0.84% of Sphere Entertainment worth $34,926,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Steadfast Capital Management LP increased its holdings in Sphere Entertainment by 0.9% in the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company's stock valued at $78,054,000 after purchasing an additional 10,720 shares during the last quarter. Holocene Advisors LP raised its position in Sphere Entertainment by 23.2% in the second quarter. Holocene Advisors LP now owns 760,160 shares of the company's stock valued at $31,775,000 after purchasing an additional 142,997 shares during the period. Goldman Sachs Group Inc. lifted its stake in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Sphere Entertainment during the fourth quarter worth $39,909,000. Finally, Mane Global Capital Management LP purchased a new position in shares of Sphere Entertainment during the third quarter worth $22,143,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the company a "neutral" rating in a research note on Thursday, April 9th. Weiss Ratings upgraded Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. BTIG Research reiterated a "buy" rating and set a $190.00 price target on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Benchmark raised their price objective on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Finally, Guggenheim upped their target price on shares of Sphere Entertainment from $175.00 to $188.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $163.08.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $133.82 on Friday. The stock's 50-day moving average is $146.75 and its two-hundred day moving average is $125.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 75.18 and a beta of 1.61. Sphere Entertainment Co. has a 1-year low of $37.89 and a 1-year high of $174.60.

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