Perigon Wealth Management LLC Makes New Investment in Sphere Entertainment Co. $SPHR

Perigon Wealth Management LLC bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 17,819 shares of the company’s stock, valued at approximately $1,694,000. Perigon Wealth Management LLC owned approximately 0.05% of Sphere Entertainment as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Quent Capital LLC purchased a new position in shares of Sphere Entertainment during the third quarter valued at $30,000. ORG Partners LLC lifted its stake in Sphere Entertainment by 80.1% in the third quarter. ORG Partners LLC now owns 661 shares of the company’s stock worth $41,000 after acquiring an additional 294 shares during the period. NewEdge Advisors LLC lifted its stake in Sphere Entertainment by 576.6% in the third quarter. NewEdge Advisors LLC now owns 927 shares of the company’s stock worth $58,000 after acquiring an additional 790 shares during the period. Quarry LP grew its holdings in Sphere Entertainment by 1,614.0% during the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock worth $61,000 after acquiring an additional 920 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Sphere Entertainment by 190.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $72,000 after acquiring an additional 796 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Seaport Research Partners upgraded shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Craig Hallum reiterated a “buy” rating and set a $100.00 price objective on shares of Sphere Entertainment in a research note on Thursday, December 18th. BTIG Research lifted their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a report on Friday, February 13th. National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a research note on Thursday, January 22nd. Finally, Guggenheim upped their target price on Sphere Entertainment from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sphere Entertainment has a consensus rating of “Moderate Buy” and an average price target of $110.46.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock opened at $127.04 on Monday. The company has a market capitalization of $4.51 billion, a PE ratio of -282.32 and a beta of 1.67. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50-day simple moving average of $108.87 and a two-hundred day simple moving average of $89.08. Sphere Entertainment Co. has a one year low of $23.89 and a one year high of $127.41.

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, 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 analysts’ expectations of $377.60 million. During the same period last year, the business earned ($3.49) EPS. The company’s revenue was up 27.9% compared to the same quarter last year. Research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

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.