Landscape Capital Management L.L.C. Grows Stock Position in Sphere Entertainment Co. $SPHR

Key Points

• Landscape Capital Management L.L.C. increased its stake in Sphere Entertainment Co. by 3.4%, now owning approximately 183,015 shares valued at $5,988,000.
• Sphere Entertainment reported $3.39 earnings per share for the quarter, significantly surpassing analysts' expectations of ($1.57), with revenues increasing by 3.4% year-over-year.
• The stock currently holds an average rating of "Moderate Buy" among analysts with a price target averaging $49.50.

Landscape Capital Management L.L.C. raised its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 183,015 shares of the company's stock after acquiring an additional 6,015 shares during the quarter. Landscape Capital Management L.L.C. owned approximately 0.51% of Sphere Entertainment worth $5,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ariel Investments LLC raised its holdings in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock worth $231,606,000 after purchasing an additional 394,050 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Sphere Entertainment by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after buying an additional 9,837 shares during the period. Steadfast Capital Management LP lifted its position in shares of Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. Northern Trust Corp grew its stake in shares of Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after acquiring an additional 152,893 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock valued at $14,682,000 after acquiring an additional 334,500 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Sphere Entertainment stock traded down $0.20 during midday trading on Friday, reaching $45.30. 1,251,643 shares of the stock traded hands, compared to its average volume of 855,870. The stock has a market cap of $1.62 billion, a P/E ratio of -8.51 and a beta of 1.71. The stock's fifty day moving average is $42.53 and its 200-day moving average is $37.45. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. Sphere Entertainment Co. has a 12 month low of $23.89 and a 12 month high of $49.73.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $282.68 million during the quarter, compared to the consensus estimate of $280.23 million. During the same period in the prior year, the company earned ($2.00) EPS. The company's quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SPHR shares. Morgan Stanley upped their price target on shares of 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 began coverage on shares of Sphere Entertainment in a report on Monday, June 23rd. They issued a "buy" rating and a $75.00 target price for the company. Guggenheim increased their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Finally, Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sphere Entertainment has an average rating of "Moderate Buy" and an average target price of $49.50.

About Sphere Entertainment

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.