North Star Investment Management Corp. Reduces Stake in Sphere Entertainment Co. $SPHR

North Star Investment Management Corp. reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 26.7% during the 1st quarter, HoldingsChannel reports. The fund owned 77,780 shares of the company’s stock after selling 28,310 shares during the period. North Star Investment Management Corp.’s holdings in Sphere Entertainment were worth $9,131,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPHR. Hollencrest Capital Management purchased a new position in shares of Sphere Entertainment in the 4th quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd lifted its position in Sphere Entertainment by 53.1% in the fourth 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 during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Sphere Entertainment during the fourth quarter worth $48,000. Flagship Harbor Advisors LLC purchased a new position in Sphere Entertainment during the fourth quarter worth $52,000. Finally, NewEdge Advisors LLC increased its position in Sphere Entertainment by 576.6% during the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock valued at $58,000 after acquiring an additional 790 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock opened at $169.69 on Monday. The stock’s fifty day moving average is $140.49 and its two-hundred day moving average is $117.41. The company has a market capitalization of $6.02 billion, a PE ratio of 95.33 and a beta of 1.65. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. Sphere Entertainment Co. has a 52 week low of $37.89 and a 52 week high of $171.47.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The business had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The business’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.27) earnings per share. As a group, analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SPHR. BTIG Research reissued a “buy” rating and issued a $190.00 target price on shares of Sphere Entertainment in a research note on Tuesday, May 19th. JPMorgan Chase & Co. lifted their price target on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Bank of America upped their price target on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Guggenheim increased their price objective on shares of Sphere Entertainment from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Sphere Entertainment from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $151.15.

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.