Artemis Investment Management LLP Raises Stock Position in Sphere Entertainment Co. $SPHR

Key Points

• Artemis Investment Management more than doubled its Sphere Entertainment stake in the third quarter, increasing its holdings by 118.9% to 447,982 shares valued at approximately $60.2 million.
• Institutional investors own 92.03% of SPHR, with several other funds—including Renaissance Technologies—also expanding their positions.
• Sphere Entertainment reported quarterly revenue of $313.6 million, up 10.9% year over year, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $168.40.

Artemis Investment Management LLP grew its stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 118.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 447,982 shares of the company's stock after buying an additional 243,376 shares during the quarter. Artemis Investment Management LLP owned 1.25% of Sphere Entertainment worth $60,227,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. TD Waterhouse Canada Inc. boosted its stake in shares of Sphere Entertainment by 31,980.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company's stock valued at $3,467,000 after purchasing an additional 19,188 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Sphere Entertainment in the 2nd quarter worth $1,644,000. Arrowstreet Capital Limited Partnership bought a new stake in Sphere Entertainment in the first quarter worth $3,621,000. Renaissance Technologies LLC boosted 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 valued at $65,736,000 after buying an additional 335,900 shares during the period. Finally, Quantinno Capital Management LP boosted its position in Sphere Entertainment by 84.9% during the first quarter. Quantinno Capital Management LP now owns 36,822 shares of the company's stock valued at $4,323,000 after buying an additional 16,907 shares during the period. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Up 5.2%

NYSE:SPHR traded up $5.52 during trading hours on Thursday, hitting $111.76. The company had a trading volume of 314,666 shares, compared to its average volume of 769,718. Sphere Entertainment Co. has a 52 week low of $57.01 and a 52 week high of $181.63. The company has a market capitalization of $4.01 billion, a PE ratio of -41.50 and a beta of 1.61. The stock has a 50-day moving average price of $146.33 and a 200 day moving average price of $141.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) 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 business had revenue of $313.64 million during the quarter, compared to analyst estimates of $307.44 million. During the same period last year, the business posted $3.39 earnings per share. Sphere Entertainment's quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts predict that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Benchmark lifted their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. JPMorgan Chase & Co. dropped their price objective on Sphere Entertainment from $165.00 to $164.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Wells Fargo & Company set a $200.00 target price on shares of Sphere Entertainment in a report on Tuesday. Citigroup reiterated a "market outperform" rating on shares of Sphere Entertainment in a report on Tuesday. Finally, Seaport Research Partners set a $160.00 price target on shares of Sphere Entertainment in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $168.40.

Sphere Entertainment Profile

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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