Investment management firm Greenhaven Road Capital has released its first quarter 2024 investor letter. You can download a copy of the same here. The fund's return in the first quarter was about 2%. In the short term, most stock price fluctuations are due to changes in investor sentiment. Additionally, you can check out the fund's top five holdings to learn about the best stocks for 2024.
Greenhaven Road Capital featured stocks such as Sphere Entertainment Company (NYSE:SPHR) in its Q1 2024 Investor Letter. Sphere Entertainment Company (NYSE:SPHR), headquartered in New York, New York, is engaged in the entertainment business. Madison Square Garden Entertainment Corp. changed its name to Sphere Entertainment Co. (NYSE:SPHR) in April 2023. Sphere Entertainment Co. (NYSE:SPHR) stock closed at $40.68 per share on May 7, 2024. His 1-month return for Sphere Entertainment (NYSE: SPHR) is -8.65%, and the company's stock has increased his 36.65% in value over the past 52 weeks. Sphere Entertainment, Inc. (NYSE:SPHR) has a market capitalization of $1,429 million.
Greenhaven Road Capital said the following about Sphere Entertainment Co. (NYSE:SPHR) in its Q1 2024 investor letter:
“In the first quarter, we closed our investment in. Sphere Entertainment Co., Ltd. (NYSE:SPHR), a Las Vegas entertainment venue. We invested last year, before the facility opened, when Sphere was still the epitome of cost overruns and delays, and were able to purchase the stock at well below replacement cost. With the new year upon us, the building is now open to rave reviews. U2 sold out all their shows, Phish sold out all their shows, and the Grateful Dead are coming to Japan. Sphere's economic model is better understood by the market, so the 'bet' goes from 'this is a viable venue' to 'the company will make this type of venue economically viable in other locations such as Macau and Dubai through direct investment'. “It will be possible to reproduce it in a realistic manner.” or partnership. ” Now, business owners have to believe that they can build partnerships and develop high-quality content in an economically rational way. It will take years for additional locations to contribute economically. CEOs will lead them through this period of uncertainty. But I wasn't satisfied with James Dolan in Fight Club. We might take the time to revisit this company because their facilities and experience are amazing.
Sarah Jean/Shutterstock.com
Sphere Entertainment Company (NYSE:SPHR) isn't included in this list of 30 most popular stocks among hedge funds. Our database shows that 39 hedge fund portfolios owned Sphere Entertainment Company (NYSE:SPHR) at the end of the fourth quarter, compared to 41 in the prior quarter.
We previously covered Sphere Entertainment (NYSE:SPHR) in another article and shared a list of stocks that were recently downgraded by analysts. Meridian Hedge Equity Fund discussed Sphere Entertainment (NYSE:SPHR) in its Q4 2023 letter, and despite maintaining a long position in Sphere Entertainment (NYSE:SPHR), Explained why it underperformed the market in the fourth quarter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
Recommended articles:
Disclosure: None.This article was first published Insider Monkey.