Covestor Ltd Cuts Stake in Sphere Entertainment Co. (NYSE:SPHR)

Covestor Ltd decreased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 15.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 7,655 shares of the company’s stock after selling 1,422 shares during the quarter. Covestor Ltd’s holdings in Sphere Entertainment were worth $309,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of Sphere Entertainment by 149.5% during 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 period. Wilmington Savings Fund Society FSB purchased a new position in Sphere Entertainment in the third quarter valued at about $187,000. Tidal Investments LLC acquired a new stake in Sphere Entertainment in the third quarter worth $225,000. Captrust Financial Advisors acquired a new position in shares of Sphere Entertainment in the 3rd quarter valued at $227,000. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Sphere Entertainment by 18.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company’s stock valued at $234,000 after acquiring an additional 893 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 25.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Macquarie reduced their price target 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. The Goldman Sachs Group upgraded shares of Sphere Entertainment to a “strong-buy” rating in a report on Thursday, March 27th. Benchmark restated 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 shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.75.

Sphere Entertainment Trading Down 8.8 %

NYSE:SPHR traded down $2.73 during trading hours on Thursday, hitting $28.24. 187,300 shares of the company were exchanged, compared to its average volume of 849,873. 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 fifty day simple moving average of $37.85 and a 200 day simple moving average of $40.59. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -2.69 and a beta of 1.48. Sphere Entertainment Co. has a one year low of $24.77 and a one year high of $50.88.

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.