GAMMA Investing LLC Increases Position in Sphere Entertainment Co. (NYSE:SPHR)

GAMMA Investing LLC grew its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 4,769.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,466 shares of the company's stock after acquiring 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 quarter.

Several other institutional investors also recently modified their holdings of SPHR. US Bancorp DE lifted its stake in shares of Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock worth $303,000 after buying an additional 276 shares during the last quarter. Boyar Asset Management Inc. lifted its position in Sphere Entertainment by 1.2% during the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company's stock worth $1,793,000 after acquiring an additional 542 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after acquiring an additional 681 shares during the period. Legal & General Group Plc grew its position in shares of Sphere Entertainment by 2.8% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock valued at $1,076,000 after purchasing an additional 720 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in Sphere Entertainment by 10.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock worth $299,000 after purchasing an additional 721 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Sphere Entertainment Stock Down 0.0%

NYSE:SPHR traded down $0.01 during trading hours on Tuesday, reaching $40.86. The company had a trading volume of 779,275 shares, compared to its average volume of 812,288. The business's 50-day simple moving average is $34.13 and its two-hundred day simple moving average is $37.14. Sphere Entertainment Co. has a twelve month low of $23.89 and a twelve month high of $50.88. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -4.08 and a beta of 1.65. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.24.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $280.57 million during the quarter, compared to the consensus estimate of $285.01 million. During the same quarter in the previous year, the company posted ($1.33) earnings per share. The company's quarterly revenue was down 12.7% on a year-over-year basis. On average, equities analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SPHR. JPMorgan Chase & Co. lifted their price objective on shares of Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Morgan Stanley dropped their price target on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Benchmark reissued a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a research report on Monday, May 19th. Susquehanna assumed coverage on Sphere Entertainment in a research note on Monday, April 28th. They set a "positive" rating and a $37.00 price objective on the stock. Finally, The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the company a "buy" rating in a research report on Friday, April 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment currently has an average rating of "Hold" and an average target price of $48.70.

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.