Sphere Entertainment Co. $SPHR Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its position in Sphere Entertainment Co. (NYSE:SPHR) by 2.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 548,139 shares of the company’s stock after selling 15,000 shares during the period. Gabelli Funds LLC owned approximately 1.53% of Sphere Entertainment worth $34,050,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in Sphere Entertainment during the second quarter worth about $609,000. Geode Capital Management LLC raised its position in Sphere Entertainment by 1.5% in the second quarter. Geode Capital Management LLC now owns 650,037 shares of the company’s stock worth $27,175,000 after acquiring an additional 9,746 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Sphere Entertainment in the 3rd quarter valued at about $2,937,000. Quantum Private Wealth LLC bought a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $238,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Sphere Entertainment during the 2nd quarter valued at about $1,332,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

SPHR stock opened at $112.42 on Friday. Sphere Entertainment Co. has a one year low of $23.89 and a one year high of $120.27. The firm has a 50-day moving average of $101.53 and a two-hundred day moving average of $79.59. The firm has a market capitalization of $3.99 billion, a PE ratio of -249.82 and a beta of 1.61. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34.

Sphere Entertainment (NYSE:SPHR) last released its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $1.35. Sphere Entertainment had a net margin of 2.16% and a negative return on equity of 8.84%. The business had revenue of $394.28 million for the quarter, compared to the consensus estimate of $377.60 million. During the same period last year, the firm posted ($3.49) earnings per share. The firm’s quarterly revenue was up 27.9% compared to the same quarter last year. On average, analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on SPHR. BTIG Research boosted their target price on shares of Sphere Entertainment from $110.00 to $127.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Benchmark upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a report on Tuesday, February 17th. Guggenheim lifted their price target on shares of Sphere Entertainment from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Craig Hallum reaffirmed a “buy” rating and issued a $100.00 price target on shares of Sphere Entertainment in a report on Thursday, December 18th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $126.00 price objective on shares of Sphere Entertainment in a research report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.23.

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.