Gabelli Funds LLC Sells 35,787 Shares of Sphere Entertainment Co. $SPHR

Key Points

• Gabelli Funds LLC has reduced its stake in Sphere Entertainment Co. by 6.1%, selling 35,787 shares and now holding approximately 1.55% of the company, valued at $18.1 million.
• Sphere Entertainment's stock has experienced a 2.8% decline, with a current PE ratio of -8.21 and a market capitalization of $1.56 billion as of the latest trading session.
• Brokerages are showing varying levels of optimism for Sphere Entertainment, with six analysts rating the stock as a Buy and a consensus price target of $49.50.

Gabelli Funds LLC decreased its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 553,639 shares of the company's stock after selling 35,787 shares during the period. Gabelli Funds LLC owned about 1.55% of Sphere Entertainment worth $18,115,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of SPHR. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after purchasing an additional 681 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $93,000. Headlands Technologies LLC bought a new stake in shares of Sphere Entertainment during the 1st quarter worth approximately $123,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Sphere Entertainment during the 4th quarter worth approximately $202,000. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Down 2.8%

SPHR stock opened at $43.65 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.56 billion, a PE ratio of -8.21 and a beta of 1.71. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $49.73. The business's 50 day simple moving average is $42.17 and its 200 day simple moving average is $37.50.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative return on equity of 19.27% and a negative net margin of 14.68%.The business had revenue of $282.68 million for the quarter, compared to analyst estimates of $280.23 million. During the same period in the previous year, the firm earned ($2.00) EPS. The firm's revenue was up 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SPHR. Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Guggenheim upped their price objective on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Benchmark reiterated a "sell" rating and set a $35.00 price objective on shares of Sphere Entertainment in a research note on Monday, May 19th. JPMorgan Chase & Co. upped their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Finally, Morgan Stanley boosted their target price on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Sphere Entertainment has a consensus rating of "Moderate Buy" and an average price target of $49.50.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.

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