HighTower Advisors LLC cut its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 74.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,936 shares of the company's stock after selling 29,417 shares during the quarter. HighTower Advisors LLC's holdings in Sphere Entertainment were worth $401,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in SPHR. Blue Trust Inc. lifted its position in shares of Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock worth $67,000 after buying an additional 912 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Sphere Entertainment during the third quarter worth about $187,000. ArrowMark Colorado Holdings LLC bought a new position in Sphere Entertainment in the third quarter worth about $219,000. Tidal Investments LLC acquired a new position in Sphere Entertainment in the third quarter valued at approximately $225,000. Finally, Captrust Financial Advisors bought a new position in shares of Sphere Entertainment during the third quarter valued at approximately $227,000. Institutional investors and hedge funds own 92.03% of the company's stock.
Insider Transactions at Sphere Entertainment
In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 25.08% of the company's stock.
Analyst Upgrades and Downgrades
SPHR has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a research report on Thursday, March 27th. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie reduced their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $46.75.
Get Our Latest Stock Analysis on SPHR
Sphere Entertainment Price Performance
Shares of NYSE SPHR traded down $2.02 during mid-day trading on Friday, reaching $26.82. 1,723,101 shares of the company traded hands, compared to its average volume of 779,612. The firm has a market cap of $959.97 million, a PE ratio of -2.55 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a fifty-two week low of $25.49 and a fifty-two week high of $50.88. The stock has a fifty day simple moving average of $39.63 and a 200-day simple moving average of $41.03.
About Sphere Entertainment
(
Free Report)
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.
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