Norges Bank Buys New Shares in Sphere Entertainment Co. (NYSE:SPHR)

Norges Bank acquired a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 357,941 shares of the company's stock, valued at approximately $14,432,000. Norges Bank owned about 1.01% of Sphere Entertainment at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SPHR. US Bancorp DE lifted its position in Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock worth $303,000 after buying an additional 276 shares in the last quarter. Central Pacific Bank Trust Division lifted its position in shares of Sphere Entertainment by 5.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company's stock worth $401,000 after purchasing an additional 500 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Sphere Entertainment by 10.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company's stock valued at $299,000 after purchasing an additional 721 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Sphere Entertainment by 18.2% in the fourth quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company's stock valued at $234,000 after purchasing an additional 893 shares in the last quarter. Finally, Blue Trust Inc. raised its position in 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 purchasing an additional 912 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 25.08% of the stock is owned by insiders.

Sphere Entertainment Stock Down 5.1 %

Shares of Sphere Entertainment stock traded down $1.46 during trading on Friday, reaching $27.12. The stock had a trading volume of 892,631 shares, compared to its average volume of 795,188. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $970.53 million, a price-to-earnings ratio of -2.58 and a beta of 1.48. The stock has a fifty day moving average price of $37.15 and a two-hundred day moving average price of $40.39. Sphere Entertainment Co. has a 52 week low of $24.77 and a 52 week high of $50.88.

Analysts Set New Price Targets

A number of research analysts have commented on SPHR shares. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. Morgan Stanley cut their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.25.

Sphere Entertainment Company 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.