Citigroup Inc. Increases Position in Sphere Entertainment Co. $SPHR

Citigroup Inc. lifted its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR) by 94.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 50,592 shares of the company’s stock after buying an additional 24,520 shares during the period. Citigroup Inc. owned approximately 0.14% of Sphere Entertainment worth $3,143,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SPHR. Garner Asset Management Corp raised its stake in Sphere Entertainment by 13.3% during the 3rd quarter. Garner Asset Management Corp now owns 6,404 shares of the company’s stock valued at $398,000 after acquiring an additional 750 shares during the last quarter. NJ State Employees Deferred Compensation Plan acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $203,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Sphere Entertainment during the third quarter worth approximately $720,000. Jones Financial Companies Lllp lifted its holdings in shares of Sphere Entertainment by 190.0% during the third quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $72,000 after purchasing an additional 796 shares during the period. Finally, Thrivent Financial for Lutherans purchased a new position in Sphere Entertainment in the 3rd quarter valued at $239,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

SPHR has been the subject of a number of analyst reports. New Street Research set a $110.00 price objective on shares of Sphere Entertainment in a research report on Thursday, January 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sphere Entertainment in a report on Wednesday, January 21st. National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a research report on Thursday, January 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $126.00 target price on shares of Sphere Entertainment in a research report on Friday, February 13th. Finally, Benchmark raised Sphere Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $101.23.

Sphere Entertainment Price Performance

SPHR stock opened at $113.60 on Friday. The firm has a 50 day moving average of $101.15 and a 200-day moving average of $79.10. The company has a market cap of $4.03 billion, a price-to-earnings ratio of -252.44 and a beta of 1.61. 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 Co. has a 12-month low of $23.89 and a 12-month high of $120.27.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The business had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The company’s revenue was up 27.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($3.49) EPS. As a group, equities analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

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.