Janney Montgomery Scott LLC Takes Position in Sphere Entertainment Co. $SPHR

Janney Montgomery Scott LLC purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,654 shares of the company’s stock, valued at approximately $429,000.

Several other institutional investors have also recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Sphere Entertainment during the 4th quarter worth $39,909,000. Goldman Sachs Group Inc. increased its stake in shares of Sphere Entertainment by 132.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after buying an additional 357,794 shares during the period. Mane Global Capital Management LP bought a new stake in shares of Sphere Entertainment during the third quarter worth $22,143,000. Woodline Partners LP bought a new stake in shares of Sphere Entertainment during the third quarter worth $20,503,000. Finally, Fred Alger Management LLC lifted its stake in shares of Sphere Entertainment by 370.2% during the fourth quarter. Fred Alger Management LLC now owns 350,846 shares of the company’s stock valued at $33,358,000 after acquiring an additional 276,231 shares during the period. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Down 3.4%

NYSE:SPHR opened at $138.54 on Friday. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $4.92 billion, a P/E ratio of 77.83 and a beta of 1.61. The stock’s fifty day simple moving average is $146.13 and its 200-day simple moving average is $123.71.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data 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 during 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 firm’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($2.27) earnings per share. Equities research analysts expect that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Guggenheim raised their price target on Sphere Entertainment from $175.00 to $188.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America boosted their price objective on Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. BTIG Research restated a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research report on Tuesday, May 19th. The Goldman Sachs Group raised their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Finally, Susquehanna lifted their price target on shares of Sphere Entertainment from $159.00 to $182.00 and gave the stock a “positive” rating in a research report on Thursday, June 18th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.92.

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.