Jericho Capital Asset Management L.P. Trims Holdings in Sphere Entertainment Co. $SPHR

Jericho Capital Asset Management L.P. reduced its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,705,615 shares of the company’s stock after selling 100,000 shares during the period. Sphere Entertainment accounts for about 1.7% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 22nd largest position. Jericho Capital Asset Management L.P. owned about 7.66% of Sphere Entertainment worth $168,073,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ariel Investments LLC raised its position in shares of Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after buying an additional 802,098 shares during the last quarter. Holocene Advisors LP boosted its position in Sphere Entertainment by 23.2% during the second 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 last quarter. Geode Capital Management LLC grew its stake in Sphere Entertainment by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock worth $27,175,000 after acquiring an additional 9,746 shares during the period. Goldman Sachs Group Inc. raised its holdings in Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after acquiring an additional 357,794 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in Sphere Entertainment by 1.7% in the 2nd quarter. Gabelli Funds LLC now owns 563,139 shares of the company’s stock valued at $23,539,000 after acquiring an additional 9,500 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Down 3.9%

Shares of NYSE SPHR opened at $105.65 on Monday. The stock has a market capitalization of $3.75 billion, a PE ratio of -234.77 and a beta of 1.61. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average of $103.29 and a 200-day moving average of $82.59. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $121.93.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $1.35. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The business had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. During the same period last year, the company posted ($3.49) EPS. The business’s quarterly revenue was up 27.9% on a year-over-year basis. On average, analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPHR. Bank of America increased their price target on Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, December 19th. Guggenheim upped their target price on Sphere Entertainment from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 13th. BTIG Research increased their target price on Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Craig Hallum reissued a “buy” rating and issued a $100.00 price target on shares of Sphere Entertainment in a research note on Thursday, December 18th. Finally, New Street Research set a $110.00 price target on Sphere Entertainment in a report on Thursday, January 15th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $106.33.

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.