Gamco Investors INC. ET AL Decreases Stock Holdings in Sphere Entertainment Co. $SPHR

Gamco Investors INC. ET AL reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 1.7% in the fourth quarter, HoldingsChannel reports. The firm owned 858,887 shares of the company’s stock after selling 14,742 shares during the period. Sphere Entertainment makes up approximately 0.8% of Gamco Investors INC. ET AL’s investment portfolio, making the stock its 19th largest position. Gamco Investors INC. ET AL’s holdings in Sphere Entertainment were worth $81,663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Everstar Asset Management LLC purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $238,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $951,000. Empire Life Investments Inc. purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $7,727,000. Bailard Inc. purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $250,000. Finally, Highland Capital Management LLC purchased a new stake in Sphere Entertainment in the fourth quarter valued at about $247,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Down 0.1%

Shares of SPHR stock opened at $134.24 on Monday. The stock’s 50-day simple moving average is $124.14 and its 200-day simple moving average is $103.08. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $4.77 billion, a PE ratio of 75.41 and a beta of 1.69. Sphere Entertainment Co. has a fifty-two week low of $35.58 and a fifty-two week high of $149.00.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.27. The business had revenue of $386.41 million for the quarter, compared to analyst estimates of $313.41 million. Sphere Entertainment had a negative return on equity of 5.07% and a net margin of 8.05%.The company’s revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the company earned ($2.27) earnings per share. Equities analysts expect that Sphere Entertainment Co. will post -2.48 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on SPHR. Guggenheim increased their price target on Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Citigroup reiterated an “outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on Sphere Entertainment from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Benchmark upgraded Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.92.

Sphere Entertainment Company Profile

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.