Billionaire Steve Cohen Just Took a 5.5% Stake in Sphere Entertainment (SPHR) Stock

Sphere Entertainment (NYSE:SPHR) stock investors are excited on Wednesday after billionaire Steve Cohen took a large stake in the live entertainment event company’s shares.

Steve Cohen’s Point72 Asset Management, L.P. has acquired a 5.5% stake in SPHR stock. This comes from 1,560,170 shares that are held by the firm. That includes 582,400 shares that are issuable upon the exercise of warrants.

Sphere Entertainment is best known for The Sphere. This is the large dome in Las Vegas that houses an 18,600-seat auditorium while also featuring LED displays on the outside.

Steve Cohen’s investment in Sphere Entertainment costs him a fair bit of cash. The billionaire’s position in the company is worth more than $50 million as of this writing.

How This Affects SPHR Stock

News of Steve Cohen’s investment has made SPHR stock volatile on Wednesday. The company’s shares started trading this morning with a dip but have recovered since then.

Even so, the stock is only up slightly as of this writing. This comes with 148,000 shares traded, as compared to a daily average of about 692,000 shares. Investors will also note that the stock is only up 4.2% since the start of the year.

There are plenty of other stock market stories worth reading about on Wednesday!

Fortunately, we have all of the hottest stock market news available today! That includes everything going on with shares of Rivian (NASDAQ:RIVN) stock, Whirlpool (NYSE:WHR) stock and Chipotle Mexican Grill (NYSE:CMG) stock this morning. All of that info is ready at the links below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.