CW Advisors LLC Invests $384,000 in Sphere Entertainment Co. $SPHR

Key Points

• CW Advisors LLC has invested approximately $384,000 in Sphere Entertainment Co., acquiring 11,724 shares during the first quarter, as disclosed in a recent SEC filing.
• Institutional investors currently hold 92.03% of Sphere Entertainment's stock, indicating strong institutional support for the company, with Capital Fund Management increasing its ownership by 48.4% in the last quarter.
• Sphere Entertainment recently reported an EPS of $3.39, significantly surpassing the consensus estimate of ($1.57) and showing a 3.4% year-over-year revenue increase, with analysts projecting a consensus price target of $49.50 for the stock.

CW Advisors LLC acquired 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 and Exchange Commission (SEC). The institutional investor acquired 11,724 shares of the company's stock, valued at approximately $384,000.

A number of other hedge funds have also recently made changes to their positions in SPHR. Capital Fund Management S.A. boosted its position in shares of Sphere Entertainment by 48.4% during the first quarter. Capital Fund Management S.A. now owns 92,277 shares of the company's stock valued at $3,019,000 after buying an additional 30,093 shares during the last quarter. Northern Trust Corp lifted its stake in Sphere Entertainment by 41.2% during 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. American Century Companies Inc. boosted its holdings in Sphere Entertainment by 8.2% during the 1st quarter. American Century Companies Inc. now owns 66,979 shares of the company's stock worth $2,192,000 after acquiring an additional 5,051 shares during the last quarter. Nuveen LLC bought a new stake in shares of Sphere Entertainment in the 1st quarter worth $2,301,000. Finally, Invesco Ltd. grew its stake in shares of Sphere Entertainment by 18.6% in the 1st quarter. Invesco Ltd. now owns 45,798 shares of the company's stock worth $1,499,000 after acquiring an additional 7,183 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $43.04 on Thursday. The firm has a market cap of $1.54 billion, a P/E ratio of -8.09 and a beta of 1.71. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. The company's 50 day moving average is $42.26 and its 200-day moving average is $37.54. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $49.73.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, topping the consensus estimate of ($1.57) by $4.96. The business had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The firm's revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned ($2.00) EPS. Sell-side analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Guggenheim upped their price objective 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. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. 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 report on Tuesday, August 12th. Benchmark reissued a "sell" rating and issued a $35.00 price objective on shares of Sphere Entertainment in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. raised their target price on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sphere Entertainment currently has an average rating of "Moderate Buy" and a consensus price target of $49.50.

Sphere Entertainment 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.

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