GAMMA Investing LLC Has $381,000 Holdings in Sphere Entertainment Co. (NYSE:SPHR)

GAMMA Investing LLC increased its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 4,769.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,466 shares of the company's stock after purchasing an additional 12,210 shares during the period. GAMMA Investing LLC's holdings in Sphere Entertainment were worth $381,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Steadfast Capital Management LP grew its stake in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after acquiring an additional 599,800 shares in the last quarter. Ariel Investments LLC grew its position in Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock valued at $231,606,000 after purchasing an additional 394,050 shares in the last quarter. Norges Bank purchased a new position in Sphere Entertainment during the fourth quarter valued at approximately $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment in the 4th quarter valued at approximately $11,286,000. Finally, Alliancebernstein L.P. lifted its position in Sphere Entertainment by 929.8% in the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock worth $11,527,000 after buying an additional 258,123 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group set a $36.00 price target on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday, April 18th. Guggenheim boosted their target price on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Benchmark reaffirmed a "sell" rating and issued a $35.00 target price on shares of Sphere Entertainment in a research report on Monday, May 19th. Susquehanna initiated coverage on Sphere Entertainment in a report on Monday, April 28th. They set a "positive" rating and a $37.00 price target for the company. Finally, Morgan Stanley dropped their price objective on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sphere Entertainment currently has a consensus rating of "Hold" and a consensus price target of $45.78.

Sphere Entertainment Stock Performance

Shares of NYSE SPHR opened at $38.58 on Friday. The business's 50-day simple moving average is $33.84 and its 200-day simple moving average is $37.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.53. Sphere Entertainment Co. has a 52 week low of $23.89 and a 52 week high of $50.88. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -3.85 and a beta of 1.65.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, beating the consensus estimate of ($2.48) by $0.21. Sphere Entertainment had a negative return on equity of 16.78% and a negative net margin of 33.00%. The company had revenue of $280.57 million for the quarter, compared to the consensus estimate of $285.01 million. During the same quarter last year, the company posted ($1.33) earnings per share. The company's revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, equities research analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current fiscal year.

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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