8,000 Shares in Sphere Entertainment Co. $SPHR Bought by Everstar Asset Management LLC

Key Points

• Everstar Asset Management LLC has purchased 8,000 shares of Sphere Entertainment Co. valued at approximately $262,000 in the first quarter.
• Sphere Entertainment's stock is showing a significant 11.9% increase, with a recent price of $54.70 and a market cap of $1.96 billion.
• The company's earnings report revealed a surprising $3.39 earnings per share (EPS), significantly exceeding the consensus estimate of ($1.57) and showing a 3.4% year-over-year revenue growth.

Everstar Asset Management LLC acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,000 shares of the company's stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after acquiring an additional 681 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Sphere Entertainment by 5.4% during 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 last quarter. Covestor Ltd raised its stake in Sphere Entertainment by 18.5% during the 1st quarter. Covestor Ltd now owns 9,074 shares of the company's stock valued at $297,000 after buying an additional 1,419 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment during the 4th quarter valued at $93,000. Finally, ProShare Advisors LLC raised its stake in Sphere Entertainment by 52.5% during the 4th quarter. ProShare Advisors LLC now owns 7,653 shares of the company's stock valued at $309,000 after buying an additional 2,634 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SPHR. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Morgan Stanley boosted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Guggenheim boosted their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday. Benchmark reiterated a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Finally, Craig Hallum started coverage on Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.70.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR traded up $1.17 during midday trading on Friday, hitting $58.13. The company had a trading volume of 1,878,902 shares, compared to its average volume of 1,248,037. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -10.93 and a beta of 1.74. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $58.72. The company has a fifty day moving average of $44.43 and a two-hundred day moving average of $37.76.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, topping the consensus estimate of ($1.57) by $4.96. The company had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. Sphere Entertainment's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.00) EPS. On average, equities research analysts expect that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.