Arrowstreet Capital Limited Partnership Acquires New Holdings in Sphere Entertainment Co. $SPHR

Key Points

• Arrowstreet Capital initiated a 30,846-share position in Sphere Entertainment valued at approximately $3.6 million, while institutional investors and hedge funds collectively own 92.03% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, an average “Moderate Buy” consensus, and an average price target of $163.38.
• Sphere Entertainment reported quarterly revenue of $313.64 million, up 10.9% year over year, and an adjusted loss of $1.07 per share that beat expectations; shares opened at $147.30 after rising 2.8%.

Arrowstreet Capital Limited Partnership bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,846 shares of the company's stock, valued at approximately $3,621,000. Arrowstreet Capital Limited Partnership owned approximately 0.09% of Sphere Entertainment as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Steadfast Capital Management LP lifted its position in Sphere Entertainment by 0.9% in the 3rd quarter. Steadfast Capital Management LP now owns 1,256,497 shares of the company's stock valued at $78,054,000 after acquiring an additional 10,720 shares in the last quarter. Holocene Advisors LP boosted its stake in Sphere Entertainment by 23.2% in the 2nd quarter. Holocene Advisors LP now owns 760,160 shares of the company's stock worth $31,775,000 after purchasing an additional 142,997 shares during the period. Goldman Sachs Group Inc. increased its holdings 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 purchasing an additional 357,794 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Sphere Entertainment during the 4th quarter worth about $39,909,000. Finally, Mane Global Capital Management LP acquired a new stake in shares of Sphere Entertainment in the 3rd quarter valued at about $22,143,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on SPHR shares. Benchmark boosted their price target on Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Seaport Research Partners reiterated a "buy" rating and set a $173.00 price objective on shares of Sphere Entertainment in a report on Wednesday, June 17th. Citigroup reissued a "market outperform" rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Morgan Stanley restated an "overweight" rating and issued a $170.00 target price on shares of Sphere Entertainment in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Eleven 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, Sphere Entertainment currently has an average rating of "Moderate Buy" and an average price target of $163.38.

Sphere Entertainment Stock Up 2.8%

Shares of SPHR opened at $147.30 on Tuesday. The firm has a market cap of $5.23 billion, a P/E ratio of -54.96 and a beta of 1.65. 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 52 week low of $37.89 and a 52 week high of $174.60. The firm's 50-day simple moving average is $148.13 and its 200 day simple moving average is $127.66.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $307.44 million. During the same period last year, the business posted $3.39 earnings per share. The business's revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts forecast that Sphere Entertainment Co. will post -2.54 earnings per share for the current year.

Sphere Entertainment Profile

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.

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