Caxton Associates LLP Acquires New Holdings 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 acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 71,059 shares of the company's stock, valued at approximately $2,325,000. Caxton Associates LLP owned approximately 0.20% of Sphere Entertainment as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC bought a new position in shares of Sphere Entertainment in the 1st quarter valued at approximately $225,000. Northern Trust Corp raised its stake in shares of Sphere Entertainment by 41.2% in the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after acquiring an additional 152,893 shares in the last quarter. Capital Fund Management S.A. raised its stake in shares of Sphere Entertainment by 48.4% in the 1st quarter. Capital Fund Management S.A. now owns 92,277 shares of the company's stock valued at $3,019,000 after acquiring an additional 30,093 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of Sphere Entertainment in the 1st quarter valued at approximately $279,000. Finally, SG Americas Securities LLC increased its position in Sphere Entertainment by 765.8% in the 1st quarter. SG Americas Securities LLC now owns 99,597 shares of the company's stock worth $3,259,000 after buying an additional 88,093 shares during the period. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on SPHR. Benchmark reaffirmed a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research report on Monday, May 19th. JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Morgan Stanley lifted 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. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Stock Performance

SPHR opened at $54.70 on Tuesday. The stock has a market cap of $1.96 billion, a PE ratio of -10.28 and a beta of 1.74. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $55.19. The stock's 50 day simple moving average is $43.41 and its 200-day simple moving average is $37.42.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. The business had revenue of $282.68 million for the quarter, compared to analysts' expectations of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.Sphere Entertainment's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted ($2.00) earnings per share. Sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current 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.

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