Sphere Entertainment (NYSE:SPHR) shares are in focus today after Steve Cohen’s Point72 Asset Management revealed a 5.5% stake in the live entertainment giant.
Cohen’s Recent Moves
Sphere Entertainment, formerly known as Madison Square Garden Entertainment, is widely known for its diverse live entertainment events. Cohen’s stake-reveal points to his continued interest in the entertainment sector. The owner of the New York Mets also picked up a 5% stake in Fox Corp earlier this year.
Cohen is largely known for his concentrated bets, and his stakes in Fox and Sphere could either indicate potential deals at a later stage or the billionaire’s strategic positioning in live sports. While Fox has teamed up with Disney (NYSE:DIS) and Warner Bros. Discovery (NASDAQ:WBD) for sports streaming, Sphere is getting into sports with a live UFC fight later this year. Sphere itself is controlled by James Dolan, the owner of the New York Knicks NBA team and the New York Rangers NHL team.
Hedge Fund Actions in SPHR
At the same time, Point72 is not the only hedge fund that has taken a shine to Sphere lately. David Greenspan’s Slate Path Capital and Stanley Druckenmiller’s Duquesne Family Office also hold a stake in Sphere. Notably, hedge funds increased their SPHR holdings by nearly 262,700 shares in the last quarter.
Is SPHR a Buy, Sell, or Hold?
Meanwhile, Sphere Entertainment shares are up by nearly 31% over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average SPHR price target of $40.
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