60,400 Shares in Sphere Entertainment Co. $SPHR Acquired by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board has invested approximately $1.98 million in Sphere Entertainment Co. by acquiring 60,400 shares, representing about 0.17% of the company.
• Several large investors, including Steadfast Capital and Deutsche Bank, have significantly increased their holdings in Sphere Entertainment, highlighting growing institutional interest in the company.
• Sphere Entertainment recently reported a $3.39 EPS for the quarter, beating estimates and indicating a 3.4% increase in revenue compared to the previous year.

Canada Pension Plan Investment Board bought a new position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 60,400 shares of the company's stock, valued at approximately $1,976,000. Canada Pension Plan Investment Board owned 0.17% of Sphere Entertainment at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Ancora Advisors LLC bought a new stake in Sphere Entertainment during the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC lifted its position in Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment in the fourth quarter worth about $93,000. Headlands Technologies LLC purchased a new position in shares of Sphere Entertainment in the 1st quarter worth approximately $123,000. Finally, Jefferies Financial Group Inc. purchased a new position in Sphere Entertainment during the fourth quarter worth $202,000. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Craig Hallum assumed coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. Morgan Stanley boosted their price target on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Guggenheim lifted their price target on shares of Sphere Entertainment from $75.00 to $76.00 and gave the stock a "buy" rating in a report on Wednesday. Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a research report on Monday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.70.

Sphere Entertainment Trading Up 5.5%

Shares of Sphere Entertainment stock traded up $2.84 on Wednesday, reaching $54.67. The company had a trading volume of 1,703,564 shares, compared to its average volume of 1,060,495. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The firm's 50 day moving average price is $43.86 and its two-hundred day moving average price is $37.64. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $55.19. The firm has a market cap of $1.96 billion, a PE ratio of -10.28 and a beta of 1.74.

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

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.