Squarepoint Ops LLC Decreases Stake in Sphere Entertainment Co. $SPHR

Squarepoint Ops LLC cut its stake in Sphere Entertainment Co. (NYSE:SPHR) by 70.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,480 shares of the company’s stock after selling 93,868 shares during the period. Squarepoint Ops LLC owned 0.11% of Sphere Entertainment worth $6,831,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Sphere Entertainment by 7.1% in the second quarter. GAMMA Investing LLC now owns 961 shares of the company’s stock worth $166,000 after buying an additional 64 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Sphere Entertainment by 1.1% during the second quarter. Arizona State Retirement System now owns 7,111 shares of the company’s stock valued at $1,230,000 after buying an additional 75 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Sphere Entertainment by 19.7% during the fourth 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 during the last quarter. Vision Retirement LLC increased its position in shares of Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company’s stock valued at $57,000 after acquiring an additional 133 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Sphere Entertainment by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. New Street Research set a $188.00 price target on Sphere Entertainment in a research report on Tuesday, July 14th. Guggenheim raised their price objective on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. The Goldman Sachs Group lifted their target price on Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Piper Sandler started coverage on shares of Sphere Entertainment in a report on Thursday, August 20th. They issued an “overweight” rating and a $185.00 price target on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $190.00 price target on shares of Sphere Entertainment in a report on Monday, August 3rd. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and an average target price of $166.00.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $141.94 on Friday. The stock has a 50-day simple moving average of $149.90 and a two-hundred day simple moving average of $138.31. The firm has a market capitalization of $5.10 billion, a P/E ratio of -52.96 and a beta of 1.62. Sphere Entertainment Co. has a fifty-two week low of $54.53 and a fifty-two week high of $181.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. The business had revenue of $313.64 million during the quarter, compared to analysts’ expectations of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.39 EPS. On average, equities analysts forecast that Sphere Entertainment Co. will post -2.34 earnings per share for the current 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.