Gabelli Funds LLC Sells 13,000 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Gabelli Funds LLC decreased its holdings in Sphere Entertainment Co. (NYSE:SPHR) by 1.9% in the second quarter, HoldingsChannel.com reports. The fund owned 660,826 shares of the company’s stock after selling 13,000 shares during the period. Gabelli Funds LLC’s holdings in Sphere Entertainment were worth $23,169,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SPHR. Symmetry Investments LP purchased a new stake in shares of Sphere Entertainment in the 2nd quarter worth about $701,000. Nkcfo LLC purchased a new position in shares of Sphere Entertainment during the second quarter valued at about $561,000. Garden State Investment Advisory Services LLC bought a new position in Sphere Entertainment in the second quarter worth about $416,000. XTX Topco Ltd purchased a new stake in Sphere Entertainment in the second quarter worth about $235,000. Finally, Renaissance Technologies LLC boosted its position in Sphere Entertainment by 134.4% during the 2nd quarter. Renaissance Technologies LLC now owns 332,435 shares of the company’s stock valued at $11,655,000 after acquiring an additional 190,600 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SPHR. Bank of America decreased their target price on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Morgan Stanley raised their price objective on Sphere Entertainment from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Macquarie boosted their target price on shares of Sphere Entertainment from $38.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, August 16th. JPMorgan Chase & Co. upgraded shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Finally, Benchmark reissued a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and an average price target of $49.17.

Sphere Entertainment Trading Down 3.9 %

NYSE SPHR opened at $41.07 on Monday. The stock’s fifty day moving average price is $43.83 and its 200-day moving average price is $41.65. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.45 billion, a P/E ratio of 3.77 and a beta of 1.41. Sphere Entertainment Co. has a 12 month low of $27.02 and a 12 month high of $51.83.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($2.00) EPS for the quarter, beating the consensus estimate of ($2.47) by $0.47. The company had revenue of $273.40 million for the quarter, compared to the consensus estimate of $271.28 million. Sphere Entertainment had a negative net margin of 19.54% and a negative return on equity of 9.02%. Sphere Entertainment’s revenue for the quarter was up 111.8% on a year-over-year basis. During the same period in the prior year, the firm posted $15.43 EPS. As a group, equities analysts forecast that Sphere Entertainment Co. will post -6.9 EPS for the current fiscal year.

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.