Jericho Capital Asset Management L.P. Sells 100,000 Shares of Sphere Entertainment Co. $SPHR

Jericho Capital Asset Management L.P. lowered its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 3.7% in the fourth quarter, HoldingsChannel reports. The fund owned 2,605,615 shares of the company’s stock after selling 100,000 shares during the period. Sphere Entertainment accounts for approximately 2.8% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 15th largest holding. Jericho Capital Asset Management L.P. owned approximately 0.07% of Sphere Entertainment worth $247,742,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SPHR. Gotham Asset Management LLC bought a new stake in Sphere Entertainment during the 4th quarter worth about $1,586,000. Engineers Gate Manager LP raised its stake in shares of Sphere Entertainment by 786.5% during the fourth quarter. Engineers Gate Manager LP now owns 96,019 shares of the company’s stock worth $9,129,000 after buying an additional 85,188 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of Sphere Entertainment by 153.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 31,785 shares of the company’s stock worth $3,022,000 after buying an additional 19,226 shares during the last quarter. Metavasi Capital LP lifted its holdings in Sphere Entertainment by 23.1% in the fourth quarter. Metavasi Capital LP now owns 218,106 shares of the company’s stock valued at $20,738,000 after buying an additional 40,930 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Sphere Entertainment by 181.3% in the fourth quarter. AQR Capital Management LLC now owns 36,163 shares of the company’s stock valued at $3,438,000 after buying an additional 23,306 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 1.3%

NYSE:SPHR opened at $151.91 on Thursday. Sphere Entertainment Co. has a 1 year low of $37.89 and a 1 year high of $160.36. The stock has a 50-day moving average price of $136.31 and a two-hundred day moving average price of $113.65. The stock has a market cap of $5.39 billion, a price-to-earnings ratio of 85.34 and a beta of 1.64. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $386.41 million for the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the previous year, the business posted ($2.27) EPS. Sphere Entertainment’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Guggenheim lifted their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. The Goldman Sachs Group lifted their price objective on Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Citizens Jmp upped their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report on Wednesday. Weiss Ratings raised Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Susquehanna raised their target price on Sphere Entertainment from $133.00 to $159.00 and gave the stock a “positive” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Moderate Buy” and a consensus price target of $147.85.

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.