Gabelli Funds LLC Has $34.05 Million Position in Sphere Entertainment Co. $SPHR

Gabelli Funds LLC lessened its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 548,139 shares of the company’s stock after selling 15,000 shares during the quarter. Gabelli Funds LLC’s holdings in Sphere Entertainment were worth $34,050,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Weik Capital Management acquired a new position in Sphere Entertainment during the third quarter valued at $248,000. Legato Capital Management LLC purchased a new stake in Sphere Entertainment in the 3rd quarter worth about $661,000. Quantbot Technologies LP boosted its position in Sphere Entertainment by 27.1% during the 3rd quarter. Quantbot Technologies LP now owns 19,655 shares of the company’s stock worth $1,221,000 after acquiring an additional 4,186 shares during the period. US Bancorp DE boosted its position in Sphere Entertainment by 44.2% during the 3rd quarter. US Bancorp DE now owns 2,057 shares of the company’s stock worth $128,000 after acquiring an additional 631 shares during the period. Finally, Nkcfo LLC purchased a new position in Sphere Entertainment during the 3rd quarter valued at about $497,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

SPHR has been the subject of a number of research analyst reports. National Bank Financial set a $136.00 price target on shares of Sphere Entertainment in a research report on Thursday, January 22nd. Seaport Research Partners raised shares of Sphere Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. BTIG Research upped their price objective on shares of Sphere Entertainment from $110.00 to $127.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Benchmark upgraded shares of Sphere Entertainment from a “sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Guggenheim lifted their target price on shares of Sphere Entertainment from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $101.23.

Sphere Entertainment Stock Down 1.2%

SPHR opened at $112.42 on Friday. The company has a market capitalization of $3.99 billion, a PE ratio of -249.82 and a beta of 1.61. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.09 and a quick ratio of 1.09. Sphere Entertainment Co. has a fifty-two week low of $23.89 and a fifty-two week high of $120.27. The business has a 50-day moving average of $101.53 and a 200-day moving average of $79.59.

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

About Sphere Entertainment

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.