Sphere Entertainment Co. $SPHR Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard trimmed its Sphere Entertainment stake slightly in the fourth quarter, selling 12,679 shares and ending with 2,653,282 shares worth about $252.3 million. Vanguard still owned roughly 7.51% of the company.
• Analyst sentiment remains generally positive, with several firms raising price targets and eleven analysts rating the stock a Buy versus two Holds. The consensus rating is “Moderate Buy,” with an average target price of $145.92.
• Sphere Entertainment reported stronger-than-expected quarterly results, posting revenue of $386.41 million and EPS of -$0.04, both better than estimates. Revenue rose 37.7% year over year, and the stock was trading down 2.4% at $133.52 in Friday trading.

Vanguard Group Inc. lessened its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 0.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,653,282 shares of the company's stock after selling 12,679 shares during the quarter. Vanguard Group Inc. owned about 7.51% of Sphere Entertainment worth $252,274,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Quent Capital LLC acquired a new stake in shares of Sphere Entertainment in the third quarter valued at $30,000. ORG Partners LLC lifted its holdings in shares of Sphere Entertainment by 80.1% in the third quarter. ORG Partners LLC now owns 661 shares of the company's stock valued at $41,000 after buying an additional 294 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter valued at $52,000. NewEdge Advisors LLC lifted its holdings in shares of Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company's stock valued at $58,000 after buying an additional 790 shares during the period. Finally, Quarry LP lifted its holdings in shares of Sphere Entertainment by 1,614.0% in the third quarter. Quarry LP now owns 977 shares of the company's stock valued at $61,000 after buying an additional 920 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings upgraded Sphere Entertainment from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday. Guggenheim upped their price objective on Sphere Entertainment from $160.00 to $175.00 and gave the company a "buy" rating in a report on Wednesday. The Goldman Sachs Group upped their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, April 8th. National Bank Financial set a $136.00 price objective on Sphere Entertainment in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on Sphere Entertainment from $143.00 to $150.00 and gave the company an "overweight" rating in a report on Wednesday. Eleven 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 stock currently has an average rating of "Moderate Buy" and an average target price of $145.92.

Sphere Entertainment Trading Down 2.4%

Shares of NYSE SPHR opened at $133.52 on Friday. Sphere Entertainment Co. has a 12 month low of $31.85 and a 12 month high of $149.00. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 75.01 and a beta of 1.69. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The business has a fifty day simple moving average of $122.01 and a 200-day simple moving average of $100.23.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating 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 the consensus estimate of $313.41 million. During the same period in the prior year, the business posted ($2.27) earnings per share. Sphere Entertainment's revenue was up 37.7% compared to the same quarter last year. Sell-side analysts predict that Sphere Entertainment Co. will post -2.57 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.