Jericho Capital Asset Management L.P. Cuts Position in Sphere Entertainment Co. $SPHR

Jericho Capital Asset Management L.P. trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 3.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,705,615 shares of the company’s stock after selling 100,000 shares during the quarter. Sphere Entertainment accounts for about 1.7% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 22nd largest holding. Jericho Capital Asset Management L.P. owned approximately 0.08% of Sphere Entertainment worth $168,073,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Sphere Entertainment by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock valued at $27,175,000 after acquiring an additional 9,746 shares during the period. SG Americas Securities LLC purchased a new stake in Sphere Entertainment during the 3rd quarter worth $2,937,000. Quantum Private Wealth LLC acquired a new stake in Sphere Entertainment in the 2nd quarter valued at $238,000. Envestnet Asset Management Inc. lifted its stake in shares of Sphere Entertainment by 67.0% during the second quarter. Envestnet Asset Management Inc. now owns 69,387 shares of the company’s stock worth $2,900,000 after purchasing an additional 27,838 shares in the last quarter. Finally, Ariel Investments LLC boosted its position in shares of Sphere Entertainment by 12.7% in the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock worth $296,790,000 after buying an additional 802,098 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $105.65 on Monday. The firm has a fifty day moving average of $103.29 and a two-hundred day moving average of $82.59. The firm has a market cap of $3.75 billion, a P/E ratio of -234.77 and a beta of 1.61. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $121.93. 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 issued its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $1.35. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The business had revenue of $394.28 million for the quarter, compared to analyst estimates of $377.60 million. During the same quarter in the prior year, the business posted ($3.49) EPS. The company’s revenue for the quarter was up 27.9% on a year-over-year basis. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPHR. JPMorgan Chase & Co. upped their price target on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. National Bank Financial set a $136.00 price target on shares of Sphere Entertainment in a research note on Thursday, January 22nd. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a research report on Thursday, January 15th. Guggenheim boosted their price target on Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Finally, Benchmark upgraded Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $106.33.

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.