Sphere Entertainment Co. (SPHR) Rose 35% in Q3

Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund generated positive results in a challenging market environment in the third quarter. The fund returned 3.88% in Q3 compared to a 2.96% decline for the Russell 2000 Value Index. During the initial nine months of 2023, the fund returned 11.43% compared to a 0.53% drop for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Third Avenue Small-Cap Value Fund highlighted stocks like Sphere Entertainment Co. (NYSE:SPHR) in the third quarter 2023 investor letter.  Headquartered in New York, New York, Sphere Entertainment Co. (NYSE:SPHR) engages in live entertainment and media services. The company formerly known as Madison Square Garden Entertainment Corp. changed its name to Sphere Entertainment Co. (NYSE:SPHR) in April 2023. On October 25, 2023, Sphere Entertainment Co. (NYSE:SPHR) stock closed at $34.37 per share. One-month return of Sphere Entertainment Co. (NYSE:SPHR) was -8.69%, and its shares gained 56.76% of their value over the last 52 weeks. Sphere Entertainment Co. (NYSE:SPHR) has a market capitalization of $1.192 billion.

Third Avenue Small-Cap Value Fund made the following comment about Sphere Entertainment Co. (NYSE:SPHR) in its Q3 2023 investor letter:

“In addition, the investment in Sphere Entertainment Co. (NYSE:SPHR) outlined in last quarter’s letter paid immediate dividends in the third quarter. Sphere rose over 35% during the quarter, in anticipation of U2’s opening concert on September 29th. The inaugural show of their residency received impressive reviews and should be a catalyst for other entertainers to perform in this unrivaled venue.”

Sphere Entertainment Co. (NYSE:SPHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Sphere Entertainment Co. (NYSE:SPHR) at the end of second quarter which was 19 in the previous quarter.

We discussed Sphere Entertainment Co. (NYSE:SPHR) in another article and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.