Sandler Capital Management Acquires New Shares in 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 acquired a new stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 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 filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Ariel Investments LLC boosted its position in shares of Sphere Entertainment by 9.6% in the 1st quarter. Ariel Investments LLC now owns 6,298,139 shares of the company's stock valued at $206,075,000 after purchasing an additional 553,947 shares during the period. Steadfast Capital Management LP boosted its position in shares of Sphere Entertainment by 183.8% in the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after purchasing an additional 599,800 shares during the period. Northern Trust Corp boosted its position in shares of Sphere Entertainment by 41.2% in 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. Deutsche Bank AG boosted its position in shares of Sphere Entertainment by 292.8% in the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock valued at $14,682,000 after purchasing an additional 334,500 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in shares of Sphere Entertainment by 1.1% in the 1st quarter. Bridgeway Capital Management LLC now owns 353,515 shares of the company's stock valued at $11,567,000 after purchasing an additional 3,717 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on SPHR shares. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. increased their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Morgan Stanley increased their price objective on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Craig Hallum started coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 price objective for the company. Finally, Benchmark reaffirmed a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a research report on Monday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $49.70.

Sphere Entertainment Stock Performance

Shares of SPHR stock traded up $2.36 during trading hours on Thursday, reaching $56.99. 2,100,932 shares of the company's stock were exchanged, compared to its average volume of 856,037. The company has a market cap of $2.04 billion, a P/E ratio of -10.71 and a beta of 1.74. The company's 50 day moving average is $43.86 and its two-hundred day moving average is $37.64. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $58.25. 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 earnings results 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 business had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The company's revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted ($2.00) EPS. Equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal 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.