UBS Group AG Has $33.47 Million Stake in Sphere Entertainment Co. $SPHR

Key Points

• UBS Group AG increased its Sphere Entertainment stake by 52.9% in the fourth quarter, holding 351,962 shares valued at about $33.47 million.
• Several other hedge funds also boosted or initiated positions, and institutional investors now own 92.03% of Sphere Entertainment’s stock.
• Analysts remain constructive on SPHR, with multiple price-target increases and a consensus rating of Moderate Buy; the average target is $145.92.

UBS Group AG raised its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 52.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 351,962 shares of the company's stock after buying an additional 121,819 shares during the period. UBS Group AG owned about 1.00% of Sphere Entertainment worth $33,465,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Steadfast Capital Management LP increased its holdings in shares of Sphere Entertainment by 0.9% during the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company's stock worth $78,054,000 after buying an additional 10,720 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of Sphere Entertainment by 23.2% during the second quarter. Holocene Advisors LP now owns 760,160 shares of the company's stock worth $31,775,000 after buying an additional 142,997 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of 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 buying an additional 357,794 shares in the last quarter. Mane Global Capital Management LP acquired a new stake in shares of Sphere Entertainment during the third quarter worth approximately $22,143,000. Finally, Woodline Partners LP acquired a new stake in shares of Sphere Entertainment during the third quarter worth approximately $20,503,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on SPHR shares. Citizens Jmp increased their price target on shares of Sphere Entertainment from $150.00 to $175.00 and gave the company a "market outperform" rating in a research note on Wednesday. Guggenheim increased their price target on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday. Bank of America increased their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a "neutral" rating in a research note on Thursday, April 9th. The Goldman Sachs Group increased their price target on shares of Sphere Entertainment from $126.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, April 8th. Finally, Susquehanna increased their price target on shares of Sphere Entertainment from $133.00 to $159.00 and gave the company a "positive" rating in a research note on Wednesday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $145.92.

Sphere Entertainment Price Performance

SPHR opened at $133.52 on Friday. Sphere Entertainment Co. has a one year low of $31.85 and a one year high of $149.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.09. The company's 50 day simple moving average is $122.01 and its 200-day simple moving average is $100.23. The stock has a market capitalization of $4.74 billion, a P/E ratio of 75.01 and a beta of 1.69.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly 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 net margin of 8.05% and a negative return on equity of 5.07%. The business had revenue of $386.41 million for the quarter, compared to analysts' expectations of $313.41 million. During the same period in the prior year, the firm earned ($2.27) earnings per share. Sphere Entertainment's revenue was up 37.7% compared to the same quarter last year. Sell-side analysts anticipate that Sphere Entertainment Co. will post -2.57 earnings per share for the current fiscal year.

Sphere Entertainment Company 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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