Quinn Opportunity Partners LLC Acquires Shares of 35,000 Sphere Entertainment Co. $SPHR

Key Points

• Quinn Opportunity Partners LLC initiated a new stake in Sphere Entertainment (NYSE:SPHR) in Q3, buying 35,000 shares worth about $2.17 million and representing roughly 0.10% of the company per its 13F filing.
• Sphere posted a strong quarter—$1.23 EPS (beat) and $394.3M revenue, up 27.9% year-over-year—yet analysts still forecast a loss for the current year (consensus -11.47 EPS); the stock opened at $105.65 with a $3.75B market cap and a 52-week range of $23.89–$121.93.
• Institutional ownership is concentrated at about 92.03% (notable holder Ariel Investments owns 7.1M shares), and Wall Street sentiment is broadly positive with a "Moderate Buy" consensus and an average target near $106.33 (individual targets up to $135).

Quinn Opportunity Partners LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 35,000 shares of the company's stock, valued at approximately $2,174,000. Quinn Opportunity Partners LLC owned approximately 0.10% of Sphere Entertainment as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Ariel Investments LLC increased its position in shares of Sphere Entertainment by 12.7% during the second quarter. Ariel Investments LLC now owns 7,100,237 shares of the company's stock valued at $296,790,000 after acquiring an additional 802,098 shares during the last quarter. Holocene Advisors LP lifted its holdings in Sphere Entertainment by 23.2% during the second quarter. Holocene Advisors LP now owns 760,160 shares of the company's stock worth $31,775,000 after acquiring an additional 142,997 shares during the period. Geode Capital Management LLC boosted its position in Sphere Entertainment by 1.5% in the second quarter. Geode Capital Management LLC now owns 650,037 shares of the company's stock worth $27,175,000 after purchasing an additional 9,746 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company's stock valued at $20,577,000 after purchasing an additional 357,794 shares during the last quarter. Finally, Gabelli Funds LLC raised its stake in shares of Sphere Entertainment by 1.7% during the 2nd quarter. Gabelli Funds LLC now owns 563,139 shares of the company's stock worth $23,539,000 after purchasing an additional 9,500 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Sphere Entertainment Trading Down 3.9%

Shares of Sphere Entertainment stock opened at $105.65 on Friday. The stock has a market capitalization of $3.75 billion, a P/E ratio of -234.77 and a beta of 1.61. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $121.93. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.09 and a current ratio of 1.09. The stock's 50-day simple moving average is $103.29 and its 200 day simple moving average is $82.05.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $1.35. The firm had revenue of $394.28 million during the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The company's revenue was up 27.9% on a year-over-year basis. During the same quarter last year, the company earned ($3.49) earnings per share. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Wall Street Analyst Weigh In

SPHR has been the topic of a number of research analyst reports. Benchmark raised shares of Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Tuesday, February 17th. The Goldman Sachs Group restated a "buy" rating and set a $126.00 price objective on shares of Sphere Entertainment in a report on Friday, February 13th. BTIG Research boosted their target price on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a "buy" rating in a research note on Friday, February 13th. Morgan Stanley reissued an "overweight" rating and set a $135.00 target price on shares of Sphere Entertainment in a research report on Friday, February 13th. Finally, Bank of America raised their price target on shares of Sphere Entertainment from $48.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sphere Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $106.33.

Sphere Entertainment Profile

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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