Gamco Investors INC. ET AL Cuts Position in Sphere Entertainment Co. $SPHR

Gamco Investors INC. ET AL lowered its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 7.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 794,755 shares of the company’s stock after selling 64,132 shares during the quarter. Sphere Entertainment accounts for about 0.9% of Gamco Investors INC. ET AL’s holdings, making the stock its 16th biggest position. Gamco Investors INC. ET AL owned about 2.24% of Sphere Entertainment worth $93,304,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stratos Wealth Partners LTD. boosted its holdings in Sphere Entertainment by 141.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 27,947 shares of the company’s stock worth $2,657,000 after buying an additional 16,351 shares in the last quarter. Kelleher Financial Advisors purchased a new position in Sphere Entertainment in the fourth quarter valued at about $389,000. SG Americas Securities LLC increased its holdings in Sphere Entertainment by 84.6% in the fourth quarter. SG Americas Securities LLC now owns 87,283 shares of the company’s stock valued at $8,299,000 after buying an additional 40,002 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Sphere Entertainment during the 4th quarter valued at approximately $1,694,000. Finally, Quent Capital LLC lifted its position in shares of Sphere Entertainment by 2,083.3% during the 4th quarter. Quent Capital LLC now owns 10,480 shares of the company’s stock valued at $996,000 after acquiring an additional 10,000 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Sphere Entertainment Stock Up 2.1%

SPHR stock opened at $136.15 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.22 and a quick ratio of 1.22. The company’s 50 day simple moving average is $146.79 and its 200-day simple moving average is $125.33. Sphere Entertainment Co. has a 12 month low of $37.89 and a 12 month high of $174.60. The firm has a market capitalization of $4.83 billion, a PE ratio of 76.49 and a beta of 1.61.

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SPHR shares. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $170.00 price objective on shares of Sphere Entertainment in a report on Wednesday, May 6th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Seaport Research Partners restated a “buy” rating and issued a $173.00 price target on shares of Sphere Entertainment in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. lifted their price target on Sphere Entertainment from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.08.

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.