VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.64 Million Investment in Sphere Entertainment Co. $SPHR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,500 shares of the company’s stock, valued at approximately $1,644,000.

Several other large investors have also modified their holdings of the business. Royal Bank of Canada grew its holdings in shares of Sphere Entertainment by 5.5% during the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after purchasing an additional 7,891 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sphere Entertainment by 5.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock valued at $532,000 after buying an additional 831 shares during the period. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% in the first 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 last quarter. Legal & General Group Plc lifted its position in Sphere Entertainment by 11.2% in the second quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after buying an additional 3,103 shares during the last quarter. Finally, Norges Bank purchased a new position in Sphere Entertainment during the second quarter worth about $551,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SPHR shares. The Goldman Sachs Group boosted their price target 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. Citigroup reaffirmed a “market outperform” rating on shares of Sphere Entertainment in a research report on Tuesday, September 1st. Citizens Jmp boosted their target price on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. New Street Research set a $188.00 price target on Sphere Entertainment in a research note on Tuesday, July 14th. Finally, Guggenheim raised their price target on Sphere Entertainment from $193.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Twelve equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $166.00.

Sphere Entertainment Stock Up 1.0%

Shares of SPHR opened at $143.27 on Friday. The company’s 50-day simple moving average is $149.49 and its 200-day simple moving average is $138.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment Co. has a 1 year low of $55.87 and a 1 year high of $181.63. The stock has a market capitalization of $5.14 billion, a PE ratio of -53.46 and a beta of 1.62.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million during the quarter, compared to analysts’ expectations of $307.44 million. During the same quarter in the previous year, the business posted $3.39 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts forecast that Sphere Entertainment Co. will post -2.34 earnings per share for the current fiscal year.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company’s primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.