Atria Wealth Solutions Inc. Takes Position in Sphere Entertainment Co. $SPHR

Key Points

• Atria Wealth Solutions Inc. invested approximately $279,000 in Sphere Entertainment Co. by purchasing 8,532 shares during the first quarter.
• Institutional investors now hold 92.03% of Sphere Entertainment's stock, indicating a strong backing from hedge funds and investment firms.
• Sphere Entertainment reported earnings of $3.39 per share for the most recent quarter, significantly surpassing the consensus estimate of ($1.57), with a revenue increase of 3.4% year-over-year.

Atria Wealth Solutions Inc. purchased a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,532 shares of the company's stock, valued at approximately $279,000.

Other large investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new position in shares of Sphere Entertainment in the first quarter worth about $225,000. Raymond James Financial Inc. purchased a new position in shares of Sphere Entertainment in the fourth quarter worth about $2,656,000. Jump Financial LLC increased its stake in shares of Sphere Entertainment by 431.1% in the fourth quarter. Jump Financial LLC now owns 56,300 shares of the company's stock worth $2,270,000 after purchasing an additional 45,700 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Sphere Entertainment by 765.8% in the first quarter. SG Americas Securities LLC now owns 99,597 shares of the company's stock worth $3,259,000 after purchasing an additional 88,093 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Sphere Entertainment by 4,769.5% in the first quarter. GAMMA Investing LLC now owns 12,466 shares of the company's stock worth $381,000 after purchasing an additional 12,210 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Up 5.4%

Shares of NYSE SPHR traded up $2.14 during trading on Monday, reaching $42.01. The company had a trading volume of 1,125,697 shares, compared to its average volume of 808,594. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $50.74. The stock has a market cap of $1.50 billion, a PE ratio of -7.90 and a beta of 1.71. The business's 50-day moving average is $41.73 and its 200 day moving average is $37.66. 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 released its quarterly earnings data on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. The business had revenue of $282.68 million during the quarter, compared to analyst estimates 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 revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned ($2.00) EPS. As a group, equities analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Susquehanna initiated coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 price objective for the company. Craig Hallum initiated coverage on shares of Sphere Entertainment in a research note on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $49.50.

About Sphere Entertainment

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.