Brevan Howard Capital Management LP Trims Stake in Sphere Entertainment Co. $SPHR

Brevan Howard Capital Management LP lessened its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 57.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & 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’s holdings in Sphere Entertainment were worth $2,917,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Geode Capital Management LLC raised its holdings in Sphere Entertainment by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock valued at $27,175,000 after buying an additional 9,746 shares during the period. SG Americas Securities LLC purchased a new position in Sphere Entertainment during the third quarter worth about $2,937,000. Quantum Private Wealth LLC acquired a new stake in shares of Sphere Entertainment during the second quarter valued at about $238,000. Ariel Investments LLC raised its stake in shares of Sphere Entertainment by 12.7% in the 2nd quarter. Ariel Investments LLC now owns 7,100,237 shares of the company’s stock valued at $296,790,000 after acquiring an additional 802,098 shares during the period. Finally, Systematic Financial Management LP raised its stake in shares of Sphere Entertainment by 8.4% in the 2nd quarter. Systematic Financial Management LP now owns 351,290 shares of the company’s stock valued at $14,684,000 after acquiring an additional 27,233 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 opened at $110.98 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. Sphere Entertainment Co. has a 52-week low of $23.89 and a 52-week high of $121.93. The firm has a market cap of $3.94 billion, a PE ratio of -246.61 and a beta of 1.61. The company’s 50 day moving average is $103.63 and its two-hundred day moving average is $83.06.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SPHR. Seaport Research Partners raised shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. National Bank Financial set a $136.00 price target on Sphere Entertainment in a research note on Thursday, January 22nd. Morgan Stanley restated an “overweight” rating and set a $135.00 price target on shares of Sphere Entertainment in a research report on Friday, February 13th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $126.00 price objective on shares of Sphere Entertainment in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. increased their target price on Sphere Entertainment from $91.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $106.33.

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.