Gabelli Funds LLC Has $51.32 Million Holdings in Sphere Entertainment Co. $SPHR

Gabelli Funds LLC lessened its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 539,739 shares of the company’s stock after selling 8,400 shares during the quarter. Gabelli Funds LLC’s holdings in Sphere Entertainment were worth $51,318,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Legato Capital Management LLC purchased a new position in shares of Sphere Entertainment during the third quarter valued at approximately $661,000. Kelleher Financial Advisors purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $389,000. Citigroup Inc. raised its holdings in shares of Sphere Entertainment by 94.0% during the third quarter. Citigroup Inc. now owns 50,592 shares of the company’s stock valued at $3,143,000 after purchasing an additional 24,520 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Sphere Entertainment by 141.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 27,947 shares of the company’s stock valued at $2,657,000 after purchasing an additional 16,351 shares during the last quarter. Finally, Pinnbrook Capital Management LP purchased a new position in shares of Sphere Entertainment during the third quarter valued at approximately $3,045,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Price Performance

SPHR stock opened at $134.24 on Monday. Sphere Entertainment Co. has a 52 week low of $35.58 and a 52 week high of $149.00. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a fifty day simple moving average of $124.14 and a two-hundred day simple moving average of $103.08. The firm has a market capitalization of $4.77 billion, a P/E ratio of 75.41 and a beta of 1.69.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.27. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The business had revenue of $386.41 million during the quarter, compared to analyst estimates of $313.41 million. During the same quarter last year, the business earned ($2.27) earnings per share. Sphere Entertainment’s quarterly revenue was up 37.7% compared to the same quarter last year. Analysts anticipate that Sphere Entertainment Co. will post -2.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SPHR shares. National Bank Financial set a $136.00 price objective on shares of Sphere Entertainment in a report on Thursday, January 22nd. Bank of America upped their target price on shares of Sphere Entertainment from $110.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Citigroup reaffirmed an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Guggenheim upped their target price on shares of Sphere Entertainment from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, BTIG Research upped their target price on shares of Sphere Entertainment from $127.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $145.92.

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.