JAT Capital Mgmt LP Buys New Shares in Sphere Entertainment Co. $SPHR

Key Points

• JAT Capital Management LP acquired 35,856 shares of Sphere Entertainment Co. for roughly $1.17 million, making it the firm's 16th largest holding.
• Various investors increased their stakes in Sphere Entertainment, with Steadfast Capital Management LP boosting its position by 183.8% in the last quarter.
• Sphere Entertainment recently reported earnings of $3.39 per share, exceeding estimates, with revenues of $282.68 million, signaling a 3.4% increase year-over-year.

JAT Capital Mgmt LP purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,856 shares of the company's stock, valued at approximately $1,173,000. Sphere Entertainment makes up approximately 0.4% of JAT Capital Mgmt LP's holdings, making the stock its 16th largest position. JAT Capital Mgmt LP owned approximately 0.10% of Sphere Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of 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 valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Sphere Entertainment by 292.8% in the first quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock valued at $14,682,000 after buying an additional 334,500 shares in the last quarter. Northern Trust Corp raised 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 purchasing an additional 152,893 shares during the period. Clearline Capital LP raised its stake in Sphere Entertainment by 108.1% during the 4th quarter. Clearline Capital LP now owns 264,055 shares of the company's stock valued at $10,647,000 after purchasing an additional 137,150 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in Sphere Entertainment by 1,350.5% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 143,845 shares of the company's stock valued at $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 Stock Up 0.8%

NYSE:SPHR traded up $0.40 during trading hours on Friday, reaching $48.84. The company's stock had a trading volume of 953,211 shares, compared to its average volume of 962,062. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -9.18 and a beta of 1.74. Sphere Entertainment Co. has a one year low of $23.89 and a one year high of $49.98. The business's 50-day moving average is $43.16 and its 200-day moving average is $37.51. 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 data on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping 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%. Sphere Entertainment's revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the company posted ($2.00) earnings per share. Equities research analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Morgan Stanley boosted their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. boosted their target price on shares of Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Guggenheim boosted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Benchmark reaffirmed a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.