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

Gamco Investors INC. ET AL reduced its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 7.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 794,755 shares of the company’s stock after selling 64,132 shares during the quarter. Sphere Entertainment accounts for 0.9% of Gamco Investors INC. ET AL’s holdings, making the stock its 16th largest holding. Gamco Investors INC. ET AL’s holdings in Sphere Entertainment were worth $93,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SPHR shares. BTIG Research reissued a “buy” rating and set a $190.00 price target on shares of Sphere Entertainment in a research note on Tuesday, May 19th. Citigroup reiterated a “market outperform” rating on shares of Sphere Entertainment in a research note on Wednesday, June 17th. JPMorgan Chase & Co. raised 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. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Finally, Bank of America lifted their price target on Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $163.08.

Sphere Entertainment Stock Up 2.1%

Shares of SPHR opened at $136.15 on Friday. The firm has a market cap of $4.83 billion, a PE ratio of 76.49 and a beta of 1.61. The company’s fifty day moving average is $146.79 and its two-hundred day moving average is $125.33. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $174.60. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33.

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