Robertson Stephens Wealth Management LLC Purchases New Position in Sphere Entertainment Co. $SPHR

Robertson Stephens Wealth Management LLC bought a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,272 shares of the company’s stock, valued at approximately $406,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SPHR. Quent Capital LLC purchased a new stake in shares of Sphere Entertainment in the third quarter valued at about $30,000. ORG Partners LLC raised its holdings in shares of Sphere Entertainment by 80.1% in the third quarter. ORG Partners LLC now owns 661 shares of the company’s stock valued at $41,000 after buying an additional 294 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Sphere Entertainment in the fourth quarter valued at about $52,000. NewEdge Advisors LLC raised its holdings in shares of Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after buying an additional 790 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Sphere Entertainment by 1,614.0% in the third quarter. Quarry LP now owns 977 shares of the company’s stock valued at $61,000 after buying an additional 920 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPHR has been the subject of a number of research reports. Guggenheim upped their target price on shares of Sphere Entertainment from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a report on Monday, April 20th. JPMorgan Chase & Co. upped their target price on shares of Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Seaport Research Partners raised shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Finally, Benchmark raised shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, February 17th. Eight equities research 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 MarketBeat.com, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus price target of $122.75.

Sphere Entertainment Trading Down 5.5%

Shares of SPHR opened at $136.70 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average is $120.41 and its two-hundred day moving average is $98.56. Sphere Entertainment Co. has a twelve month low of $27.17 and a twelve month high of $146.37. The firm has a market capitalization of $4.85 billion, a P/E ratio of -303.78 and a beta of 1.69.

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 net margin of 2.16% and a negative return on equity of 8.84%. The company had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. During the same period in the prior year, the business posted ($3.49) earnings per share. The firm’s revenue for the quarter was up 27.9% compared to the same quarter last year. On average, research analysts predict that Sphere Entertainment Co. will post -2.51 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.