Vanguard Group Inc. Increases Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Vanguard Group Inc. increased its position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,794,862 shares of the company's stock after purchasing an additional 29,402 shares during the period. Vanguard Group Inc. owned 7.90% of Sphere Entertainment worth $112,689,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new position in shares of Sphere Entertainment during the 4th quarter worth $11,286,000. JPMorgan Chase & Co. lifted its position in Sphere Entertainment by 140.0% in the third quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company's stock valued at $6,669,000 after buying an additional 88,065 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Sphere Entertainment during the fourth quarter worth about $2,656,000. Carnegie Investment Counsel increased its position in shares of Sphere Entertainment by 35.1% during the fourth quarter. Carnegie Investment Counsel now owns 225,860 shares of the company's stock valued at $9,107,000 after acquiring an additional 58,640 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Sphere Entertainment by 295.6% in the 3rd quarter. Barclays PLC now owns 66,045 shares of the company's stock valued at $2,809,000 after acquiring an additional 49,351 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. 25.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on SPHR shares. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Morgan Stanley lowered their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday. The Goldman Sachs Group raised shares of Sphere Entertainment to a "strong-buy" rating in a research note on Thursday, March 27th. JPMorgan Chase & Co. cut their price objective on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 4th. Finally, Macquarie lowered their price objective on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three 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 "Moderate Buy" and a consensus target price of $45.25.

Sphere Entertainment Stock Performance

Shares of Sphere Entertainment stock traded down $1.46 on Friday, hitting $27.12. The stock had a trading volume of 892,631 shares, compared to its average volume of 795,088. The stock has a market cap of $970.53 million, a price-to-earnings ratio of -2.58 and a beta of 1.48. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment Co. has a 52-week low of $24.77 and a 52-week high of $50.88. The company's 50 day moving average price is $37.15 and its 200 day moving average price is $40.37.

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.