Hsbc Holdings PLC Decreases Position in Sphere Entertainment Co. $SPHR

Hsbc Holdings PLC trimmed its position in Sphere Entertainment Co. (NYSE:SPHR) by 84.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,495 shares of the company’s stock after selling 18,670 shares during the quarter. Hsbc Holdings PLC’s holdings in Sphere Entertainment were worth $335,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its position in shares of Sphere Entertainment by 19.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after acquiring an additional 100 shares in the last quarter. Osbon Capital Management LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth approximately $737,000. Corient Private Wealth LLC acquired a new position in Sphere Entertainment in the 4th quarter valued at $984,000. Caitong International Asset Management Co. Ltd raised its stake in Sphere Entertainment by 93.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 570 shares of the company’s stock valued at $54,000 after purchasing an additional 276 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Sphere Entertainment in the 4th quarter valued at $399,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SPHR shares. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a report on Tuesday. Citizens Jmp raised their price target on shares of Sphere Entertainment from $175.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price target on shares of Sphere Entertainment from $143.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Weiss Ratings raised shares of Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group increased their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.92.

Sphere Entertainment Stock Up 2.8%

SPHR stock opened at $142.46 on Friday. Sphere Entertainment Co. has a one year low of $37.89 and a one year high of $174.60. The firm has a market cap of $5.06 billion, a PE ratio of 80.03 and a beta of 1.61. The firm’s 50 day moving average price is $146.31 and its 200-day moving average price is $123.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.27. The company had revenue of $386.41 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($2.27) earnings per share. On average, equities research analysts anticipate that Sphere Entertainment Co. will post -2.44 EPS for the current 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.