Public Employees Retirement System of Ohio Acquires New Holdings in Sphere Entertainment Co. $SPHR

Public Employees Retirement System of Ohio bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 24,151 shares of the company’s stock, valued at approximately $4,179,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Steadfast Capital Management LP increased its position in Sphere Entertainment by 0.9% in the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock valued at $78,054,000 after acquiring an additional 10,720 shares during the period. Holocene Advisors LP boosted its position in Sphere Entertainment by 23.2% during the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after acquiring an additional 142,997 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after purchasing an additional 357,794 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Sphere Entertainment by 149.9% in the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company’s stock worth $65,736,000 after purchasing an additional 335,900 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Sphere Entertainment by 24.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company’s stock valued at $61,510,000 after purchasing an additional 104,192 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Citigroup restated a “market outperform” rating on shares of Sphere Entertainment in a research note on Tuesday. Benchmark raised their target price on shares of Sphere Entertainment from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Susquehanna boosted their price target on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research report on Thursday, June 18th. New Street Research set a $188.00 price target on shares of Sphere Entertainment in a research note on Tuesday, July 14th. Finally, Weiss Ratings upgraded shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Twelve 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 company has an average rating of “Moderate Buy” and an average target price of $166.00.

Sphere Entertainment Price Performance

Shares of NYSE SPHR opened at $143.18 on Friday. Sphere Entertainment Co. has a twelve month low of $47.05 and a twelve month high of $181.63. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $152.66 and a two-hundred day moving average of $137.36. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -53.43 and a beta of 1.62.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $313.64 million for the quarter, compared to the consensus estimate of $307.44 million. During the same period in the previous year, the firm earned $3.39 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts expect that Sphere Entertainment Co. will post -2.34 earnings per share for the current fiscal year.

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.