Cookson Peirce & Co. Inc. Invests $2.06 Million in Sphere Entertainment Co. $SPHR

Cookson Peirce & Co. Inc. bought a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the fourth quarter, HoldingsChannel.com reports. The fund bought 21,695 shares of the company’s stock, valued at approximately $2,063,000.

Several other hedge funds have also bought and sold shares of the company. Arizona State Retirement System lifted its stake in Sphere Entertainment by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 7,758 shares of the company’s stock valued at $482,000 after purchasing an additional 152 shares during the last quarter. Putney Financial Group LLC lifted its stake in Sphere Entertainment by 4.2% in the 4th quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock valued at $425,000 after purchasing an additional 180 shares during the last quarter. ORG Partners LLC lifted its stake in Sphere Entertainment by 35.4% in the 4th quarter. ORG Partners LLC now owns 895 shares of the company’s stock valued at $85,000 after purchasing an additional 234 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Sphere Entertainment by 5.3% in the 4th quarter. Handelsbanken Fonder AB now owns 6,000 shares of the company’s stock valued at $570,000 after purchasing an additional 300 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Sphere Entertainment by 1.6% in the 2nd quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock valued at $861,000 after purchasing an additional 315 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Trading Up 0.4%

Shares of SPHR stock opened at $140.10 on Monday. The firm has a 50 day moving average price of $131.38 and a two-hundred day moving average price of $109.75. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $4.97 billion, a PE ratio of 78.71 and a beta of 1.64. Sphere Entertainment Co. has a 12-month low of $36.90 and a 12-month high of $149.00.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the business posted ($2.27) earnings per share. As a group, analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on SPHR. The Goldman Sachs Group raised their target price 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. Citizens Jmp raised their target price 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, May 6th. JPMorgan Chase & Co. raised their target price on shares of Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Bank of America raised their target price 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. Finally, Weiss Ratings upgraded shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $145.92.

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.