Nkcfo LLC Purchases New Shares in Sphere Entertainment Co. $SPHR

Nkcfo LLC acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the third quarter, HoldingsChannel reports. The fund acquired 8,000 shares of the company’s stock, valued at approximately $497,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Ariel Investments LLC boosted its stake in shares of Sphere Entertainment by 12.7% during the 2nd quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after purchasing an additional 802,098 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Sphere Entertainment by 132.0% in the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock worth $20,577,000 after buying an additional 357,794 shares during the period. Holocene Advisors LP lifted its holdings in Sphere Entertainment by 23.2% in the second quarter. Holocene Advisors LP now owns 760,160 shares of the company’s stock worth $31,775,000 after buying an additional 142,997 shares during the period. PDT Partners LLC bought a new stake in Sphere Entertainment during the 2nd quarter valued at approximately $4,892,000. Finally, Raymond James Financial Inc. grew its holdings in shares of Sphere Entertainment by 267.6% during the 2nd quarter. Raymond James Financial Inc. now owns 117,416 shares of the company’s stock worth $4,908,000 after acquiring an additional 85,475 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPHR. New Street Research set a $110.00 target price on Sphere Entertainment in a research report on Thursday, January 15th. Bank of America increased their price objective on Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, December 19th. National Bank Financial set a $136.00 price objective on Sphere Entertainment in a research report on Thursday, January 22nd. Seaport Research Partners raised shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Finally, BTIG Research increased their price target on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.23.

Sphere Entertainment Price Performance

SPHR opened at $111.08 on Tuesday. The firm has a market cap of $3.92 billion, a PE ratio of -246.84 and a beta of 1.68. The stock has a 50-day moving average price of $97.49 and a 200-day moving average price of $75.42. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $118.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of ($0.12) by $1.35. The company had revenue of $394.28 million for the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. Sphere Entertainment’s revenue for the quarter was up 27.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($3.49) EPS. Sell-side analysts predict that Sphere Entertainment Co. will post -11.47 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.