Maryland State Retirement & Pension System Takes $454,000 Position in Sphere Entertainment Co. $SPHR

Maryland State Retirement & Pension System bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) in the first quarter, Holdings Channel.com reports. The firm bought 3,867 shares of the company’s stock, valued at approximately $454,000.

Several other hedge funds also recently made changes to their positions in SPHR. Hillsdale Investment Management Inc. bought a new position in shares of Sphere Entertainment in the first quarter worth $338,000. Principal Financial Group Inc. bought a new stake in Sphere Entertainment in the 1st quarter worth approximately $15,196,000. Gables Capital Management Inc. purchased a new stake in shares of Sphere Entertainment in the 1st quarter valued at $117,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Sphere Entertainment during the first quarter valued at about $773,000. Finally, Fifth Third Bancorp purchased a new stake in Sphere Entertainment during the 1st quarter valued at about $702,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $138.54 on Friday. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 77.83 and a beta of 1.61. The firm has a fifty day moving average price of $146.13 and a 200 day moving average price of $123.71. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $174.60.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $313.41 million. During the same period last year, the company posted ($2.27) EPS. The business’s revenue was up 37.7% on a year-over-year basis. As a group, sell-side analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and set a $190.00 price target on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Guggenheim boosted their target price on Sphere Entertainment from $175.00 to $188.00 and gave the stock a “buy” rating in a report on Tuesday. Seaport Research Partners reiterated a “buy” rating and set a $173.00 price target on shares of Sphere Entertainment in a report on Wednesday, June 17th. Finally, Citizens Jmp lifted their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $161.92.

Sphere Entertainment 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.