464,609 Sphere Entertainment Co. $SPHR Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Sphere Entertainment stake by 114.2% in the third quarter, purchasing 464,609 additional shares for a total of 871,484 shares valued at approximately $117.2 million.
• Institutional ownership remains high at 92.03%, with several other major funds—including Renaissance Technologies and Artemis Investment Management—also expanding their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $166.53, despite SPHR opening at $103.65 and reporting a quarterly net loss.

Assenagon Asset Management S.A. lifted its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 114.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 871,484 shares of the company's stock after buying an additional 464,609 shares during the quarter. Assenagon Asset Management S.A. owned about 2.43% of Sphere Entertainment worth $117,162,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SPHR. Renaissance Technologies LLC increased its position in Sphere Entertainment by 149.9% during the first quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock worth $65,736,000 after buying an additional 335,900 shares during the period. Artemis Investment Management LLP increased its stake in Sphere Entertainment by 118.9% in the third quarter. Artemis Investment Management LLP now owns 447,982 shares of the company's stock valued at $60,227,000 after purchasing an additional 243,376 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Sphere Entertainment in the first quarter valued at about $15,196,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Sphere Entertainment by 24.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 523,934 shares of the company's stock valued at $61,510,000 after buying an additional 104,192 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Sphere Entertainment by 75.4% during the first quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company's stock worth $17,232,000 after buying an additional 63,080 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPHR has been the subject of several recent research reports. Craig Hallum downgraded Sphere Entertainment from a "buy" rating to a "hold" rating and set a $132.00 price target for the company. in a report on Monday, October 5th. The Goldman Sachs Group boosted their price objective 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. Seaport Research Partners set a $160.00 price objective on shares of Sphere Entertainment in a research note on Wednesday, October 7th. BTIG Research cut their price objective on shares of Sphere Entertainment from $190.00 to $160.00 and set a "buy" rating for the company in a research report on Tuesday, October 6th. Finally, Citigroup restated a "market outperform" rating on shares of Sphere Entertainment in a research note on Tuesday, October 6th. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $166.53.

Sphere Entertainment Stock Down 4.8%

NYSE SPHR opened at $103.65 on Friday. The business has a 50 day moving average price of $139.62 and a 200 day moving average price of $140.75. Sphere Entertainment Co. has a 1-year low of $58.18 and a 1-year high of $181.63. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%. Sphere Entertainment's revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.39 earnings per share. As a group, analysts anticipate that Sphere Entertainment Co. will post -2.54 earnings per share for the current fiscal year.

About Sphere Entertainment

Sphere Entertainment Co is an entertainment company focused on developing and operating large-scale live experiences, media properties and venues. Its flagship asset is Sphere, a next-generation entertainment venue in Las Vegas featuring a wraparound interior display, immersive audio and experiential programming. Sphere presents concerts, films, sporting events and other productions designed to combine live performance with advanced visual and audio technology.

The company also operates MSG Networks, a regional sports and entertainment media business serving audiences primarily in the New York metropolitan area.

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