Sphere Entertainment Co. $SPHR Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors trimmed its stake in Sphere by 1.3%, selling 11,059 shares and leaving it with 873,629 shares (2.44% of the company) valued at about $54.27 million, while institutional investors and hedge funds now own about 92.03% of SPHR.
• Analysts have become largely bullish, driving a consensus rating of "Moderate Buy" with a $101.23 average target; recent upgrades include BTIG to $127, JPMorgan to $110 and Bank of America to $95.
• Sphere beat quarterly estimates with EPS $1.23 vs. -$0.12 expected and revenue of $394.3M vs. $377.6M, and the stock trades around $112.42 with a market cap near $3.99 billion.

Gamco Investors INC. ET AL cut its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 873,629 shares of the company's stock after selling 11,059 shares during the period. Gamco Investors INC. ET AL owned 2.44% of Sphere Entertainment worth $54,270,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of Sphere Entertainment during the second quarter worth $609,000. Geode Capital Management LLC raised its stake in Sphere Entertainment by 1.5% in the second quarter. Geode Capital Management LLC now owns 650,037 shares of the company's stock valued at $27,175,000 after buying an additional 9,746 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Sphere Entertainment in the third quarter valued at $2,937,000. Quantum Private Wealth LLC purchased a new stake in Sphere Entertainment during the 2nd quarter worth about $238,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Sphere Entertainment during the 2nd quarter worth about $1,332,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SPHR. Bank of America increased their price objective on Sphere Entertainment from $48.00 to $95.00 and gave the company a "neutral" rating in a report on Friday, December 19th. JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $91.00 to $110.00 and gave the stock an "overweight" rating in a research note on Thursday, January 15th. BTIG Research upped their price target on Sphere Entertainment from $110.00 to $127.00 and gave the company a "buy" rating in a report on Friday, February 13th. Craig Hallum reiterated a "buy" rating and issued a $100.00 price target on shares of Sphere Entertainment in a research note on Thursday, December 18th. Finally, Wolfe Research reissued an "outperform" rating and set a $105.00 price objective on shares of Sphere Entertainment in a report on Monday, December 15th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $101.23.

Sphere Entertainment Stock Performance

Shares of SPHR stock opened at $112.42 on Friday. The stock's 50-day moving average is $101.53 and its two-hundred day moving average is $79.59. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.09 and a current ratio of 1.09. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $120.27. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -249.82 and a beta of 1.61.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $1.35. The business had revenue of $394.28 million during the quarter, compared to the consensus estimate of $377.60 million. Sphere Entertainment had a negative return on equity of 8.84% and a net margin of 2.16%.The business's quarterly revenue was up 27.9% on a year-over-year basis. During the same period in the previous year, the business earned ($3.49) EPS. Analysts predict that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Sphere Entertainment Company 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.

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