Bornite Capital Management LP Makes New $9.82 Million Investment in Sphere Entertainment Co. (NYSE:SPHR)

Bornite Capital Management LP bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, HoldingsChannel.com reports. The fund bought 200,000 shares of the company’s stock, valued at approximately $9,816,000. Sphere Entertainment comprises approximately 1.6% of Bornite Capital Management LP’s holdings, making the stock its 25th largest position.

Other institutional investors have also recently bought and sold shares of the company. National Bank of Canada FI acquired a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $46,000. Citigroup Inc. acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $59,000. Quest Partners LLC acquired a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $61,000. 1832 Asset Management L.P. acquired a new position in shares of Sphere Entertainment in the first quarter valued at approximately $85,000. Finally, Quent Capital LLC increased its stake in shares of Sphere Entertainment by 7,717.6% in the first quarter. Quent Capital LLC now owns 2,658 shares of the company’s stock valued at $130,000 after buying an additional 2,624 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SPHR. Benchmark began coverage on Sphere Entertainment in a research note on Tuesday, July 23rd. They issued a “hold” rating for the company. Guggenheim reduced their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Morgan Stanley upped their target price on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. Finally, Seaport Res Ptn cut Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.00.

Sphere Entertainment Trading Up 2.2 %

SPHR stock traded up $0.94 during trading on Monday, hitting $44.02. The company had a trading volume of 385,400 shares, compared to its average volume of 703,571. The stock has a market cap of $1.56 billion, a PE ratio of 4.04 and a beta of 1.42. Sphere Entertainment Co. has a one year low of $27.02 and a one year high of $51.83. The business has a 50-day moving average of $38.16 and a 200-day moving average of $40.10. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Friday, May 10th. The company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). The business had revenue of $321.33 million for the quarter, compared to the consensus estimate of $324.65 million. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. Sphere Entertainment’s quarterly revenue was up 98.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.08) earnings per share. Research analysts predict that Sphere Entertainment Co. will post -4.93 earnings per share for the current fiscal year.

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.