Sphere Entertainment Co. $SPHR Holdings Trimmed by State of Wyoming

State of Wyoming trimmed its position in Sphere Entertainment Co. (NYSE:SPHR) by 81.3% in the third quarter, HoldingsChannel reports. The firm owned 1,236 shares of the company’s stock after selling 5,382 shares during the quarter. State of Wyoming’s holdings in Sphere Entertainment were worth $166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPHR. Assenagon Asset Management S.A. lifted its position in shares of Sphere Entertainment by 114.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 871,484 shares of the company’s stock worth $117,162,000 after buying an additional 464,609 shares in the last quarter. Renaissance Technologies LLC grew its holdings 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 valued at $65,736,000 after acquiring an additional 335,900 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Sphere Entertainment by 24.8% in 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 acquiring an additional 104,192 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Sphere Entertainment by 118.9% during the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company’s stock valued at $60,227,000 after acquiring an additional 243,376 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Sphere Entertainment by 75.4% during the first quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company’s stock valued at $17,232,000 after acquiring an additional 63,080 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Key Headlines Impacting Sphere Entertainment

Here are the key news stories impacting Sphere Entertainment this week:

• Positive Sentiment: Strong ticket sales at Sphere: “The Wizard of Oz” exceeded $500 million in ticket sales, with more than four million tickets sold since its August debut. The company also introduced expanded 4D effects, supporting the potential for continued audience demand. Sphere Entertainment Q3 results
• Positive Sentiment: Revenue topped expectations: Q3 revenue was $274.26 million, above analyst estimates of about $269.7 million and up 4.5% year over year. Zacks also reported a per-share loss of $0.98, narrower than its consensus estimate of a $1.79 loss. Zacks Q3 earnings report
• Positive Sentiment: Guggenheim remains bullish: The firm cut its price target from $180 to $175 but maintained a Buy rating, implying substantial upside from the then-current price. The target reduction tempers, but does not reverse, the favorable stance. Guggenheim price-target update
• Negative Sentiment: Reported loss was a concern: Other earnings coverage cited a loss of $4.84 per share, far worse than the $1.66 consensus estimate. This contrasts with the narrower loss cited by Zacks, suggesting results varied across reported earnings measures and may have weighed on sentiment. Coverage of Sphere’s wider Q3 loss

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Guggenheim dropped their price target on Sphere Entertainment from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday. New Street Research set a $188.00 price objective on Sphere Entertainment in a research report on Tuesday, July 14th. Wall Street Zen downgraded Sphere Entertainment from a “hold” rating to a “sell” rating in a research note on Monday. Seaport Research Partners set a $160.00 target price on Sphere Entertainment in a research report on Wednesday, October 7th. Finally, Weiss Ratings cut Sphere Entertainment from a “hold (c)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $156.87.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $120.08 on Monday. Sphere Entertainment Co. has a 52 week low of $72.08 and a 52 week high of $181.63. The firm’s 50-day simple moving average is $124.43 and its two-hundred day simple moving average is $130.43. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -25.44 and a beta of 1.72. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.17 and a current ratio of 1.17.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.66) by ($3.18). The company had revenue of $274.26 million for the quarter, compared to analysts’ expectations of $269.71 million. Sphere Entertainment had a negative return on equity of 0.78% and a negative net margin of 11.60%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.80) EPS. As a group, equities analysts forecast that Sphere Entertainment Co. will post -2.70 earnings per share for the current year.

Sphere Entertainment Profile

Sphere Entertainment Co is a live entertainment and media company whose businesses include Sphere and MSG Networks. Sphere is a large-scale venue in Las Vegas designed for concerts, films and other events, featuring immersive visuals and sound. The company also operates Sphere Studios, which develops content and technology for the venue and other applications.

MSG Networks operates regional sports and entertainment networks serving viewers in the New York metropolitan area. Its programming includes live coverage of professional sports, as well as news and other original content, with related streaming services also available to consumers.

Sphere Entertainment was formed in 2023 through the separation of businesses from Madison Square Garden Entertainment Corp.