Headlands Technologies LLC Trims Stock Position in Sphere Entertainment Co. $SPHR

Headlands Technologies LLC decreased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 24.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,418 shares of the company’s stock after selling 4,358 shares during the period. Headlands Technologies LLC’s holdings in Sphere Entertainment were worth $2,322,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Hollencrest Capital Management purchased a new stake in Sphere Entertainment during the 4th quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd boosted its holdings in Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after purchasing an additional 156 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company’s stock valued at $55,000 after purchasing an additional 341 shares in the last quarter. Vision Retirement LLC increased its position in Sphere Entertainment by 38.0% during the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after purchasing an additional 133 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Sphere Entertainment during the 4th quarter worth approximately $48,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $141.86 on Monday. Sphere Entertainment Co. has a 1 year low of $44.06 and a 1 year high of $181.63. The company’s 50 day simple moving average is $154.22 and its 200 day simple moving average is $136.45. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of -52.93 and a beta of 1.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million during the quarter, compared to analysts’ expectations of $307.44 million. During the same period in the previous year, the company earned $3.39 EPS. Sphere Entertainment’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, sell-side analysts predict that Sphere Entertainment Co. will post -2.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on SPHR shares. Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Guggenheim lifted their price target on shares of Sphere Entertainment from $188.00 to $193.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Morgan Stanley reissued an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Citizens Jmp upped their price target on Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Sphere Entertainment from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $164.93.

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.