Trexquant Investment LP Buys New Stake in Sphere Entertainment Co. (NYSE:SPHR)

Trexquant Investment LP acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 53,894 shares of the company’s stock, valued at approximately $2,173,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. US Bancorp DE boosted its stake in Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after buying an additional 276 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Sphere Entertainment by 5.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after acquiring an additional 500 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Sphere Entertainment by 10.8% in 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 in the last quarter. Concurrent Investment Advisors LLC increased its position in Sphere Entertainment by 18.2% in the fourth quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company’s stock worth $234,000 after purchasing an additional 893 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after purchasing an additional 912 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Trading Down 4.4 %

Shares of NYSE SPHR opened at $25.98 on Wednesday. Sphere Entertainment Co. has a fifty-two week low of $24.77 and a fifty-two week high of $50.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $929.94 million, a price-to-earnings ratio of -2.47 and a beta of 1.48. The business’s 50 day moving average price is $38.47 and its 200-day moving average price is $40.72.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 25.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a research note on Thursday, March 27th. Macquarie reduced their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $46.75.

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.