Maryland State Retirement & Pension System Makes New Investment in Sphere Entertainment Co. $SPHR

Maryland State Retirement & Pension System acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,867 shares of the company’s stock, valued at approximately $454,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Sphere Entertainment in the fourth quarter valued at about $41,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Sphere Entertainment by 53.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after acquiring an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Sphere Entertainment in the fourth quarter worth about $48,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Sphere Entertainment in the 4th quarter valued at approximately $52,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

SPHR has been the subject of a number of research analyst reports. Citizens Jmp upped their price objective on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Wednesday, June 17th. Benchmark raised their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 18th. The Goldman Sachs Group boosted their price objective on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Seaport Research Partners reaffirmed a “buy” rating and issued a $173.00 target price on shares of Sphere Entertainment in a report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. increased their target price on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $161.92.

Sphere Entertainment Trading Down 3.4%

NYSE SPHR opened at $138.54 on Friday. The stock has a market capitalization of $4.92 billion, a P/E ratio of 77.83 and a beta of 1.61. The business has a 50 day simple moving average of $146.13 and a 200 day simple moving average of $123.71. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $174.60.

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