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

Several other institutional investors have also recently made changes to their positions in SPHR. Steadfast Capital Management LP increased its holdings in shares of Sphere Entertainment by 183.8% in the fourth 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 grew its stake in shares of Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after buying an additional 394,050 shares during the last quarter. Barclays PLC grew its stake in shares of Sphere Entertainment by 122.6% during the fourth quarter. Barclays PLC now owns 291,017 shares of the company's stock valued at $11,734,000 after buying an additional 160,304 shares during the last quarter. Clearline Capital LP grew its stake in shares of Sphere Entertainment by 108.1% during the fourth quarter. Clearline Capital LP now owns 264,055 shares of the company's stock valued at $10,647,000 after buying an additional 137,150 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Sphere Entertainment by 1,350.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 143,845 shares of the company's stock worth $5,800,000 after purchasing an additional 133,928 shares during the period. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Down 1.7%

Sphere Entertainment stock traded down $0.7030 during trading hours on Wednesday, hitting $40.0370. The company had a trading volume of 464,774 shares, compared to its average volume of 815,942. The company has a 50-day moving average price of $41.83 and a two-hundred day moving average price of $37.66. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $50.74. The firm has a market cap of $1.43 billion, a P/E ratio of -7.53 and a beta of 1.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly 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. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The firm had revenue of $282.68 million during the quarter, compared to analysts' expectations of $280.23 million. During the same quarter in the prior year, the company earned ($2.00) EPS. The company's revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPHR. JPMorgan Chase & Co. raised their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Guggenheim lifted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Susquehanna began coverage on shares of Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 target price on the stock. Wall Street Zen upgraded shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Morgan Stanley boosted their price target 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. 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $49.50.

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.