Everstar Asset Management LLC Buys New Holdings in Sphere Entertainment Co. $SPHR

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 purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 8,000 shares of the company's stock, valued at approximately $262,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Steadfast Capital Management LP lifted its stake in shares of Sphere Entertainment by 183.8% in the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock worth $37,340,000 after purchasing an additional 599,800 shares during the period. Ariel Investments LLC raised its stake in Sphere Entertainment by 9.6% during the 1st quarter. Ariel Investments LLC now owns 6,298,139 shares of the company's stock worth $206,075,000 after acquiring an additional 553,947 shares during the period. Goldman Sachs Group Inc. raised its stake in Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock worth $20,577,000 after acquiring an additional 357,794 shares during the period. Deutsche Bank AG raised its stake in Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock worth $14,682,000 after acquiring an additional 334,500 shares during the period. Finally, Northern Trust Corp grew its holdings in Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after buying an additional 152,893 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Craig Hallum started coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective for the company. Morgan Stanley raised their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Guggenheim raised their target price on shares of Sphere Entertainment from $75.00 to $76.00 and gave the company a "buy" rating in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Finally, Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.70.

Sphere Entertainment Stock Performance

Shares of NYSE:SPHR traded up $2.36 on Thursday, hitting $56.99. 2,100,935 shares of the company's stock were exchanged, compared to its average volume of 1,105,947. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $58.25. The business's 50 day simple moving average is $43.86 and its two-hundred day simple moving average is $37.64. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping analysts' consensus estimates of ($1.57) by $4.96. The business 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%. The firm's revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted ($2.00) earnings per share. Research analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Sphere Entertainment 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.