Sphere Entertainment Co. $SPHR Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its position in Sphere Entertainment Co. (NYSE:SPHR) by 17.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 57,317 shares of the company’s stock after selling 12,070 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Sphere Entertainment worth $3,561,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SPHR. Quent Capital LLC acquired a new stake in Sphere Entertainment in the third quarter valued at about $30,000. CWM LLC increased its position in Sphere Entertainment by 915.3% during the 2nd quarter. CWM LLC now owns 731 shares of the company’s stock worth $31,000 after purchasing an additional 659 shares during the period. ORG Partners LLC raised its stake in shares of Sphere Entertainment by 80.1% during the 3rd quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after buying an additional 294 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Sphere Entertainment by 190.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock valued at $72,000 after buying an additional 796 shares during the period. Finally, Chesapeake Asset Management LLC purchased a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $75,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Trading Up 1.5%

Sphere Entertainment stock opened at $112.98 on Wednesday. The stock has a 50-day moving average price of $98.00 and a 200 day moving average price of $75.94. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $118.14. The stock has a market cap of $4.01 billion, a PE ratio of -251.06 and a beta of 1.68. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The business had revenue of $394.28 million during 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%. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.49) earnings per share. Equities research analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPHR. Seaport Research Partners upgraded Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. JPMorgan Chase & Co. increased their price target on shares of Sphere Entertainment from $91.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. The Goldman Sachs Group reissued a “buy” rating and set a $126.00 price objective on shares of Sphere Entertainment in a report on Friday, February 13th. Craig Hallum reaffirmed a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a report on Thursday, December 18th. Finally, BTIG Research boosted their price target on 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 given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $101.23.

About Sphere Entertainment

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.