Sandler Capital Management Acquires Shares of 52,000 Sphere Entertainment Co. $SPHR

Key Points

• Sandler Capital Management invested $1.70 million in Sphere Entertainment Co. by purchasing 52,000 shares, representing approximately 0.15% of the company's stock.
• Analysts are bullish on Sphere Entertainment, with a consensus rating of "Moderate Buy" and an average price target of $49.50, while recent ratings from firms like JPMorgan and Guggenheim show price upgrades.
• Sphere Entertainment reported earnings of $3.39 EPS, significantly beating analysts’ estimates, indicating a positive revenue trend compared to the previous year.

Sandler Capital Management bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 52,000 shares of the company's stock, valued at approximately $1,701,000. Sandler Capital Management owned about 0.15% of Sphere Entertainment as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SPHR. Tower Research Capital LLC TRC lifted its stake in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the fourth quarter valued at approximately $93,000. Headlands Technologies LLC acquired a new position in Sphere Entertainment in the first quarter valued at approximately $123,000. Jefferies Financial Group Inc. acquired a new position in Sphere Entertainment in the fourth quarter valued at approximately $202,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in Sphere Entertainment in the fourth quarter valued at approximately $224,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Benchmark reissued a "sell" rating and issued a $35.00 price target on shares of Sphere Entertainment in a research note on Monday, May 19th. Morgan Stanley boosted their price target 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. JPMorgan Chase & Co. boosted their price target on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Finally, Craig Hallum assumed coverage on Sphere Entertainment in a research note on Monday, June 23rd. They issued a "buy" rating and a $75.00 price target on the stock. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Stock Down 4.7%

Sphere Entertainment stock traded down $2.55 during trading on Tuesday, hitting $51.87. 1,681,312 shares of the company were exchanged, compared to its average volume of 1,036,502. The business's 50 day moving average is $43.62 and its 200 day moving average is $37.52. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $55.19. The company has a market capitalization of $1.86 billion, a P/E ratio of -9.75 and a beta of 1.74. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. During the same quarter in the prior year, the company posted ($2.00) earnings per share. Sphere Entertainment's revenue was up 3.4% compared to the same quarter last year. Analysts predict 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.