Bornite Capital Management LP Acquires New Position in Sphere Entertainment Co. (NYSE:SPHR)

Bornite Capital Management LP acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 200,000 shares of the company’s stock, valued at approximately $9,816,000. Sphere Entertainment comprises about 1.6% of Bornite Capital Management LP’s holdings, making the stock its 25th largest holding. Bornite Capital Management LP owned 0.57% of Sphere Entertainment at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Citigroup Inc. acquired a new position in Sphere Entertainment during the 3rd quarter valued at about $59,000. Vanguard Group Inc. acquired a new position in Sphere Entertainment during the 3rd quarter valued at about $99,941,000. SG Americas Securities LLC acquired a new position in Sphere Entertainment during the 4th quarter valued at about $202,000. Raymond James & Associates acquired a new position in Sphere Entertainment during the 4th quarter valued at about $387,000. Finally, Asset Management One Co. Ltd. acquired a new position in Sphere Entertainment during the 4th quarter valued at about $337,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Up 2.2 %

SPHR stock traded up $0.94 during trading hours on Monday, hitting $44.02. The company’s stock had a trading volume of 385,400 shares, compared to its average volume of 703,571. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $1.56 billion, a PE ratio of 4.04 and a beta of 1.42. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83. The stock has a 50 day moving average price of $38.16 and a two-hundred day moving average price of $40.10.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Friday, May 10th. The company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.98). The business had revenue of $321.33 million during 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%. The business’s revenue was up 98.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.08) earnings per share. On average, equities research analysts expect that Sphere Entertainment Co. will post -4.93 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently commented on SPHR shares. Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Benchmark started coverage on shares of Sphere Entertainment in a report on Tuesday, July 23rd. They issued a “hold” rating on the stock. Guggenheim dropped their target price on shares of Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Finally, Morgan Stanley boosted their target price on shares of Sphere Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and an average price target of $40.00.

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.