TD Waterhouse Canada Inc. Boosts Stake in Sphere Entertainment Co. $SPHR

Key Points

• TD Waterhouse Canada sharply increased its Sphere Entertainment stake by 31,980% in the second quarter, purchasing 19,188 additional shares to hold 19,248 shares valued at approximately $3.47 million.
• Institutional investors own 92.03% of SPHR, while analysts maintain a generally positive outlook. Twelve analysts rate the stock Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and a $166 price target.
• Sphere reported quarterly revenue of $313.64 million, up 10.9% year over year and above estimates, while adjusted losses were narrower than expected at $1.07 per share. Shares opened at $142.20, below the 52-week high of $181.63.

TD Waterhouse Canada Inc. grew its holdings in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 31,980.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,248 shares of the company's stock after purchasing an additional 19,188 shares during the period. TD Waterhouse Canada Inc. owned approximately 0.05% of Sphere Entertainment worth $3,467,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Hollencrest Capital Management acquired a new position in Sphere Entertainment in the fourth quarter valued at about $41,000. Caitong International Asset Management Co. Ltd increased its position in shares of Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company's stock valued at $43,000 after acquiring an additional 156 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Sphere Entertainment during the fourth quarter valued at about $48,000. Parallel Advisors LLC raised its stake in shares of Sphere Entertainment by 275.0% in the 1st quarter. Parallel Advisors LLC now owns 465 shares of the company's stock valued at $55,000 after acquiring an additional 341 shares during the period. Finally, Vision Retirement LLC raised its stake in shares of Sphere Entertainment by 38.0% in the 1st quarter. Vision Retirement LLC now owns 483 shares of the company's stock valued at $57,000 after acquiring an additional 133 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SPHR shares. Piper Sandler initiated coverage on shares of Sphere Entertainment in a research report on Thursday, August 20th. They set an "overweight" rating and a $185.00 price objective for the company. Weiss Ratings raised Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group upped their price target on Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Susquehanna raised their price target on Sphere Entertainment from $159.00 to $182.00 and gave the stock a "positive" rating in a research report on Thursday, June 18th. Finally, Benchmark lifted their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $166.00.

Sphere Entertainment Trading Down 0.2%

Shares of SPHR stock opened at $142.20 on Tuesday. Sphere Entertainment Co. has a fifty-two week low of $47.05 and a fifty-two week high of $181.63. The company has a 50 day moving average price of $151.51 and a 200 day moving average price of $137.74. The stock has a market capitalization of $5.11 billion, a P/E ratio of -53.06 and a beta of 1.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.22 and a current ratio of 1.22.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The company had revenue of $313.64 million for the quarter, compared to analyst estimates of $307.44 million. During the same period in the prior year, the business earned $3.39 EPS. The firm's quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts predict that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Sphere Entertainment Company 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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