Hsbc Holdings PLC Has $1.20 Million Stock Position in Sphere Entertainment Co. $SPHR

Hsbc Holdings PLC lifted its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 198.9% in the first quarter, HoldingsChannel reports. The fund owned 10,445 shares of the company’s stock after buying an additional 6,950 shares during the period. Hsbc Holdings PLC’s holdings in Sphere Entertainment were worth $1,204,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SPHR. Steadfast Capital Management LP increased its position in Sphere Entertainment by 0.9% in the third quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company’s stock worth $78,054,000 after purchasing an additional 10,720 shares during the period. Holocene Advisors LP lifted 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 valued at $31,775,000 after purchasing an additional 142,997 shares during the period. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Sphere Entertainment in the 4th quarter valued at about $39,909,000. Finally, Mane Global Capital Management LP bought a new position in shares of Sphere Entertainment in the 3rd quarter valued at about $22,143,000. Institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SPHR shares. BTIG Research reiterated a “buy” rating and set a $190.00 price target on shares of Sphere Entertainment in a research report on Monday. Benchmark raised their price objective 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. Guggenheim upped their target price on shares of Sphere Entertainment from $175.00 to $188.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Susquehanna increased their price target on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. Finally, Bank of America raised their price target on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and an average target price of $163.08.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR opened at $141.28 on Wednesday. The firm’s 50 day simple moving average is $146.97 and its 200 day simple moving average is $126.24. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 79.37 and a beta of 1.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating 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 quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.27) earnings per share. As a group, sell-side analysts forecast that Sphere Entertainment Co. will post -2.5 earnings per share for the current year.

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.