Gamco Investors INC. ET AL Sells 20,484 Shares of Sphere Entertainment Co. $SPHR

Key Points

• Gamco Investors INC. ET AL reduced its stake in Sphere Entertainment Co. by 2.3%, selling 20,484 shares and now owns approximately 2.48% of the company, valued at $28,987,000.
• Various institutional investors, including Ariel Investments LLC and Deutsche Bank AG, increased their stakes in Sphere Entertainment, with 92.03% of the stock held by hedge funds and institutional investors.
• Sphere Entertainment's shares are currently trading at $45.27, reflecting a market capitalization of $1.62 billion, and the company recently reported earnings per share of $3.39, significantly exceeding analysts' expectations.

Gamco Investors INC. ET AL lowered its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 885,917 shares of the company's stock after selling 20,484 shares during the quarter. Gamco Investors INC. ET AL owned 2.48% of Sphere Entertainment worth $28,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ancora Advisors LLC acquired a new stake in Sphere Entertainment during the 4th quarter valued at approximately $40,000. Tower Research Capital LLC TRC increased its position in Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Sphere Entertainment during the 4th quarter valued at approximately $93,000. Headlands Technologies LLC acquired a new stake in Sphere Entertainment during the 1st quarter valued at approximately $123,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Sphere Entertainment during the 4th quarter valued at approximately $202,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Sphere Entertainment Trading Up 5.6%

Shares of Sphere Entertainment stock traded up $2.41 on Thursday, reaching $45.41. 979,759 shares of the company's stock were exchanged, compared to its average volume of 835,297. The company has a market capitalization of $1.63 billion, a P/E ratio of -8.54 and a beta of 1.71. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $49.73. The firm's 50-day moving average is $42.40 and its two-hundred day moving average is $37.52. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.13.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported $3.39 earnings per share (EPS) 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 company had revenue of $282.68 million for the quarter, compared to analysts' expectations of $280.23 million. During the same period last year, the business earned ($2.00) EPS. Sphere Entertainment's quarterly revenue was up 3.4% compared to the same quarter last year. Sell-side analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Craig Hallum assumed coverage on shares of Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. Morgan Stanley increased their target price on shares of Sphere Entertainment from $35.00 to $40.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 12th. Guggenheim increased their price target on Sphere Entertainment from $69.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Wall Street Zen upgraded Sphere Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a report on Monday, May 19th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.50.

Sphere Entertainment 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.