Nuveen LLC Takes Position in Sphere Entertainment Co. $SPHR

Key Points

• Nuveen LLC has acquired 70,332 shares of Sphere Entertainment Co. for approximately $2.3 million, representing 0.20% ownership as per their recent SEC disclosure.
• Sphere Entertainment reported a quarterly EPS of $3.39, beating estimates significantly, with revenues reaching $282.68 million for the quarter, up 3.4% year-over-year.
• Analysts have varied opinions on Sphere Entertainment's stock, with ratings including a buy from Guggenheim and a sell from Benchmark, indicating mixed market sentiment.

Nuveen LLC bought 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 Form 13F filing with the SEC. The institutional investor bought 70,332 shares of the company's stock, valued at approximately $2,301,000. Nuveen LLC owned approximately 0.20% of Sphere Entertainment at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SPHR. Janney Montgomery Scott LLC acquired a new stake in Sphere Entertainment in the first quarter valued at $225,000. Atria Wealth Solutions Inc. acquired a new position in shares of Sphere Entertainment during the 1st quarter worth $279,000. SG Americas Securities LLC grew its stake in shares of Sphere Entertainment by 765.8% during the 1st quarter. SG Americas Securities LLC now owns 99,597 shares of the company's stock worth $3,259,000 after purchasing an additional 88,093 shares during the period. GAMMA Investing LLC grew its stake in shares of Sphere Entertainment by 4,769.5% during the 1st quarter. GAMMA Investing LLC now owns 12,466 shares of the company's stock worth $381,000 after purchasing an additional 12,210 shares during the period. Finally, Two Sigma Advisers LP acquired a new position in shares of Sphere Entertainment during the 4th quarter worth $339,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SPHR shares. Craig Hallum started coverage on Sphere Entertainment in a research note on Monday, June 23rd. They set a "buy" rating and a $75.00 price target for the company. Morgan Stanley increased their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 12th. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 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. Finally, Benchmark reissued a "sell" rating and issued a $35.00 target price on shares of Sphere Entertainment in a research note on Monday, May 19th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $49.50.

Sphere Entertainment Stock Down 0.4%

NYSE:SPHR traded down $0.20 on Monday, hitting $45.30. 1,251,643 shares of the stock were exchanged, compared to its average volume of 880,157. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a fifty day moving average of $42.53 and a 200-day moving average of $37.39. Sphere Entertainment Co. has a fifty-two week low of $23.89 and a fifty-two week high of $49.73.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly 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 company had revenue of $282.68 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.00) earnings per share. As a group, equities analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current 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.