Caxton Associates LLP Buys New Shares in Sphere Entertainment Co. $SPHR

Key Points

• Caxton Associates LLP has acquired a new stake in Sphere Entertainment Co. ($SPHR), purchasing 71,059 shares valued at approximately $2.3 million, representing about 0.20% of the company.
• Several institutional investors have increased their positions in Sphere Entertainment, with SG Americas Securities LLC raising its stake by 765.8% in the first quarter.
• Sphere Entertainment reported earnings of $3.39 per share in its latest quarterly results, significantly beating analysts' expectations of a loss, while revenue of $282.68 million also exceeded forecasts.

Caxton Associates LLP purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 71,059 shares of the company's stock, valued at approximately $2,325,000. Caxton Associates LLP owned 0.20% of Sphere Entertainment at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after acquiring an additional 681 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sphere Entertainment by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company's stock worth $532,000 after purchasing an additional 831 shares in the last quarter. Covestor Ltd increased its stake in Sphere Entertainment by 18.5% during the 1st quarter. Covestor Ltd now owns 9,074 shares of the company's stock worth $297,000 after purchasing an additional 1,419 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Sphere Entertainment during the 4th quarter worth approximately $93,000. Finally, ProShare Advisors LLC increased its stake in Sphere Entertainment by 52.5% during the 4th quarter. ProShare Advisors LLC now owns 7,653 shares of the company's stock worth $309,000 after purchasing an additional 2,634 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Benchmark reissued a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Guggenheim increased their target price on Sphere Entertainment from $75.00 to $76.00 and gave the stock a "buy" rating in a research note on Wednesday. Morgan Stanley increased their target price on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their target price on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $49.70.

Sphere Entertainment Stock Up 2.1%

Shares of SPHR traded up $1.17 during mid-day trading on Friday, hitting $58.13. 1,878,902 shares of the company's stock were exchanged, compared to its average volume of 1,248,037. The company has a market cap of $2.08 billion, a PE ratio of -10.93 and a beta of 1.74. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $58.72. The company has a 50-day simple moving average of $44.43 and a 200 day simple moving average of $37.76. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.13 and a quick ratio of 1.13.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued 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. The company 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% on a year-over-year basis. During the same period last year, the business earned ($2.00) EPS. On average, research analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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.