Oregon Public Employees Retirement Fund Takes Position in Sphere Entertainment Co. $SPHR

Oregon Public Employees Retirement Fund bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,100 shares of the company’s stock, valued at approximately $716,000.

Several other large investors have also recently modified their holdings of the stock. Abel Hall LLC purchased a new position in Sphere Entertainment during the first quarter worth $220,000. Ascentis Independent Advisors bought a new stake in shares of Sphere Entertainment in the 1st quarter worth about $98,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter worth about $318,000. Apollon Wealth Management LLC purchased a new position in shares of Sphere Entertainment during the 1st quarter worth about $422,000. Finally, Janney Montgomery Scott LLC bought a new position in Sphere Entertainment during the 1st quarter valued at about $429,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $136.71 on Wednesday. The company has a market capitalization of $4.85 billion, a P/E ratio of 76.80 and a beta of 1.61. The company’s 50-day simple moving average is $146.12 and its two-hundred day simple moving average is $123.05. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $174.60. 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 (NYSE:SPHR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.27. The firm 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 revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.27) earnings per share. As a group, equities analysts anticipate that Sphere Entertainment Co. will post -2.44 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on SPHR. Morgan Stanley reissued an “overweight” rating and issued a $170.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, May 6th. 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 research note on Wednesday, May 6th. BTIG Research restated a “buy” rating and set a $190.00 price objective on shares of Sphere Entertainment in a report on Tuesday, May 19th. Susquehanna upped their price objective on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research report on Thursday, June 18th. Finally, Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $161.92.

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.