Sphere Entertainment Co. $SPHR Shares Sold by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP trimmed its position in Sphere Entertainment Co. (NYSE:SPHR) by 57.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,961 shares of the company’s stock after selling 64,201 shares during the period. Brevan Howard Capital Management LP owned about 0.13% of Sphere Entertainment worth $2,917,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Capitolis Liquid Global Markets LLC purchased a new position in shares of Sphere Entertainment in the third quarter valued at approximately $9,368,000. Boothbay Fund Management LLC acquired a new stake in shares of Sphere Entertainment in the third quarter worth approximately $690,000. Algert Global LLC increased its position in shares of Sphere Entertainment by 17.9% during the third quarter. Algert Global LLC now owns 14,070 shares of the company’s stock worth $874,000 after purchasing an additional 2,140 shares in the last quarter. Creative Planning raised its stake in Sphere Entertainment by 23.6% in the 3rd quarter. Creative Planning now owns 6,234 shares of the company’s stock valued at $387,000 after purchasing an additional 1,190 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new position in Sphere Entertainment in the 3rd quarter valued at $850,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPHR has been the topic of several recent research reports. Bank of America lifted their target price on shares of Sphere Entertainment from $48.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, December 19th. Guggenheim increased their target price on shares of Sphere Entertainment from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group reissued a “buy” rating and issued a $126.00 price target on shares of Sphere Entertainment in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sphere Entertainment in a research note on Wednesday, January 21st. Finally, BTIG Research increased their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a report on Friday, February 13th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.33.

Sphere Entertainment Price Performance

Sphere Entertainment stock opened at $110.98 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average price of $103.63 and a 200 day moving average price of $83.06. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $121.93. The stock has a market cap of $3.94 billion, a P/E ratio of -246.61 and a beta of 1.61.

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

About Sphere Entertainment

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.