198,673 Shares in Sphere Entertainment Co. $SPHR Purchased by Norges Bank

Norges Bank acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 198,673 shares of the company’s stock, valued at approximately $18,890,000. Norges Bank owned approximately 0.56% of Sphere Entertainment as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SPHR. Annis Gardner Whiting Capital Advisors LLC bought a new position in Sphere Entertainment in the 4th quarter worth about $48,000. Flagship Harbor Advisors LLC bought a new position in Sphere Entertainment in the 4th quarter worth about $52,000. NewEdge Advisors LLC increased its stake in Sphere Entertainment by 576.6% in the 3rd quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock worth $58,000 after acquiring an additional 790 shares during the last quarter. Quarry LP increased its stake in Sphere Entertainment by 1,614.0% in the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock worth $61,000 after acquiring an additional 920 shares during the last quarter. Finally, Larson Financial Group LLC bought a new position in Sphere Entertainment in the 4th quarter worth about $68,000. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Price Performance

Shares of Sphere Entertainment stock opened at $139.71 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $4.96 billion, a PE ratio of 78.49 and a beta of 1.64. The business’s 50-day moving average price is $132.63 and its 200-day moving average price is $110.61. Sphere Entertainment Co. has a 12 month low of $37.89 and a 12 month high of $149.00.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS 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 analysts’ expectations 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 quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.27) EPS. Sell-side analysts forecast that Sphere Entertainment Co. will post -2.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SPHR shares. Citizens Jmp upped their target price on Sphere Entertainment from $150.00 to $175.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 6th. Bank of America upped their target price on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Citigroup reiterated an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Morgan Stanley reiterated an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Eleven research 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $145.92.

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.