Quinn Opportunity Partners LLC Takes Position in Sphere Entertainment Co. $SPHR

Quinn Opportunity Partners LLC bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 35,000 shares of the company’s stock, valued at approximately $2,174,000.

Other large investors have also recently bought and sold shares of the company. Landscape Capital Management L.L.C. raised its position in shares of Sphere Entertainment by 32.9% in the third quarter. Landscape Capital Management L.L.C. now owns 243,176 shares of the company’s stock worth $15,106,000 after buying an additional 60,161 shares in the last quarter. Quadrature Capital Ltd bought a new position in Sphere Entertainment in the 3rd quarter worth about $1,594,000. Invesco Ltd. raised its holdings in shares of Sphere Entertainment by 45.5% in the 3rd quarter. Invesco Ltd. now owns 85,010 shares of the company’s stock valued at $5,281,000 after acquiring an additional 26,596 shares in the last quarter. Intrepid Financial Planning Group LLC bought a new stake in shares of Sphere Entertainment during the 3rd quarter valued at about $427,000. Finally, UBS Group AG grew its holdings in shares of Sphere Entertainment by 3.9% during the third quarter. UBS Group AG now owns 230,143 shares of the company’s stock worth $14,296,000 after purchasing an additional 8,591 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Sphere Entertainment Trading Down 3.9%

NYSE SPHR opened at $105.65 on Friday. The firm has a market cap of $3.75 billion, a PE ratio of -234.77 and a beta of 1.61. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $121.93. The stock has a 50-day moving average of $103.29 and a 200-day moving average of $82.05. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Thursday, February 12th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $1.35. The business had revenue of $394.28 million for the quarter, compared to analysts’ expectations of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The business’s quarterly revenue was up 27.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($3.49) EPS. As a group, sell-side analysts forecast that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Guggenheim raised their target price on shares of Sphere Entertainment from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 13th. BTIG Research lifted their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Craig Hallum reissued a “buy” rating and issued a $100.00 target price on shares of Sphere Entertainment in a research note on Thursday, December 18th. Morgan Stanley reaffirmed an “overweight” rating and set a $135.00 price target on shares of Sphere Entertainment in a research note on Friday, February 13th. Finally, New Street Research set a $110.00 price objective on Sphere Entertainment in a research report on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently 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.