Ninepoint Partners LP Takes $2.22 Million Position in Sphere Entertainment Co. $SPHR

Key Points

• Ninepoint Partners acquired 12,828 shares of Sphere Entertainment worth approximately $2.22 million in the second quarter. Institutional investors and hedge funds collectively own 92.03% of the company.
• Analysts remain broadly positive, with 12 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $164.93. Recent targets range from $175 to $191.
• Sphere Entertainment reported quarterly revenue of $313.64 million, up 10.9% year over year and above estimates, while adjusted EPS of negative $1.07 exceeded expectations of negative $1.51. The stock opened at $155.94 and has traded between $39.52 and $181.63 over the past year.

Ninepoint Partners LP bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 12,828 shares of the company's stock, valued at approximately $2,220,000.

Other large investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Sphere Entertainment during the first quarter valued at approximately $3,621,000. Renaissance Technologies LLC increased its stake in Sphere Entertainment by 149.9% during the 1st quarter. Renaissance Technologies LLC now owns 559,935 shares of the company's stock worth $65,736,000 after buying an additional 335,900 shares during the period. Quent Capital LLC lifted its holdings in Sphere Entertainment by 2,083.3% in the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company's stock worth $996,000 after buying an additional 10,000 shares in the last quarter. Capula Management Ltd purchased a new position in Sphere Entertainment in the 1st quarter valued at about $1,997,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Sphere Entertainment by 75.4% during the first quarter. Bank of New York Mellon Corp now owns 146,782 shares of the company's stock valued at $17,232,000 after acquiring an additional 63,080 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 brokerages recently commented on SPHR. BTIG Research reissued a "buy" rating and issued a $190.00 price target on shares of Sphere Entertainment in a report on Monday, August 3rd. Citigroup reaffirmed a "market outperform" rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. New Street Research set a $188.00 target price on Sphere Entertainment in a research note on Tuesday, July 14th. Seaport Research Partners reissued a "buy" rating and set a $191.00 price objective on shares of Sphere Entertainment in a report on Thursday, August 13th. Finally, Benchmark boosted their target price on shares of Sphere Entertainment from $155.00 to $175.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $164.93.

Sphere Entertainment Stock Performance

SPHR stock opened at $155.94 on Friday. The stock's 50 day simple moving average is $154.34 and its 200 day simple moving average is $133.87. Sphere Entertainment Co. has a 12-month low of $39.52 and a 12-month high of $181.63. The firm has a market cap of $5.60 billion, a P/E ratio of -58.19 and a beta of 1.65. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.32.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) EPS for the quarter, topping analysts' consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million during the quarter, compared to the consensus estimate of $307.44 million. During the same quarter in the previous year, the company posted $3.39 earnings per share. The firm's revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts predict that Sphere Entertainment Co. will post -2.31 EPS for the current year.

About Sphere Entertainment

Sphere Entertainment Co NYSE: SPHR is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.

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