Janney Montgomery Scott LLC Buys New Stake in Sphere Entertainment Co. $SPHR

Janney Montgomery Scott LLC purchased a new position in Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,654 shares of the company’s stock, valued at approximately $429,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in Sphere Entertainment during the fourth quarter valued at approximately $41,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock worth $43,000 after buying an additional 156 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Sphere Entertainment during the 4th quarter worth approximately $48,000. Flagship Harbor Advisors LLC bought a new position in shares of Sphere Entertainment during the 4th quarter worth approximately $52,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Sphere Entertainment by 19.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after buying an additional 100 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 3.4%

Shares of SPHR opened at $138.54 on Friday. The company has a market capitalization of $4.92 billion, a P/E ratio of 77.83 and a beta of 1.61. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $174.60. The business’s 50 day simple moving average is $146.13 and its 200-day simple moving average is $123.71. 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 released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.27. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The firm had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same period last year, the firm posted ($2.27) EPS. The business’s revenue was up 37.7% on a year-over-year basis. As a group, sell-side analysts predict that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Seaport Research Partners reissued a “buy” rating and set a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. Susquehanna boosted their target price on shares of Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. BTIG Research reaffirmed a “buy” rating and issued a $190.00 target price on shares of Sphere Entertainment in a report on Tuesday, May 19th. Finally, Bank of America increased their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $161.92.

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.