Gabelli Funds LLC Lowers Stock Holdings in Sphere Entertainment Co. $SPHR

Gabelli Funds LLC reduced its position in Sphere Entertainment Co. (NYSE:SPHR) by 3.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 522,336 shares of the company’s stock after selling 17,403 shares during the quarter. Gabelli Funds LLC owned 1.47% of Sphere Entertainment worth $61,322,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPHR. Rockefeller Capital Management L.P. raised its holdings in shares of Sphere Entertainment by 19.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after buying an additional 100 shares in the last quarter. Vision Retirement LLC boosted its stake in Sphere Entertainment by 38.0% in the first quarter. Vision Retirement LLC now owns 483 shares of the company’s stock worth $57,000 after buying an additional 133 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Sphere Entertainment by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after buying an additional 145 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Sphere Entertainment by 53.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares during the last quarter. Finally, Putney Financial Group LLC grew its position in Sphere Entertainment by 4.2% during the fourth quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock valued at $425,000 after acquiring an additional 180 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPHR has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. The Goldman Sachs Group increased their target price on shares of Sphere Entertainment from $150.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a research report on Tuesday, July 14th. Benchmark boosted their price target on shares of Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Finally, Morgan Stanley restated an “overweight” rating and set a $170.00 price target on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $163.08.

Sphere Entertainment Price Performance

SPHR opened at $136.15 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 76.49 and a beta of 1.61. The stock has a fifty day simple moving average of $146.79 and a two-hundred day simple moving average of $125.33. Sphere Entertainment Co. has a 12-month low of $37.89 and a 12-month high of $174.60.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The firm had revenue of $386.41 million for the quarter, compared to the consensus estimate of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The company’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.27) EPS. Research analysts predict that Sphere Entertainment Co. will post -2.44 earnings per share for the current fiscal year.

Sphere Entertainment 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.