Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Redmont Wealth Advisors LLC

Redmont Wealth Advisors LLC trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 67.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,801 shares of the company's stock after selling 8,019 shares during the quarter. Redmont Wealth Advisors LLC's holdings in Sphere Entertainment were worth $124,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Sphere Entertainment by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock valued at $112,689,000 after acquiring an additional 29,402 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $2,656,000. OFI Invest Asset Management bought a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $306,000. Norges Bank bought a new position in Sphere Entertainment in the fourth quarter worth about $14,432,000. Finally, Jump Financial LLC boosted its position in shares of Sphere Entertainment by 431.1% during the fourth quarter. Jump Financial LLC now owns 56,300 shares of the company's stock valued at $2,270,000 after purchasing an additional 45,700 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Stock Performance

SPHR stock traded up $0.93 during midday trading on Thursday, hitting $43.42. 198,476 shares of the stock traded hands, compared to its average volume of 806,502. Sphere Entertainment Co. has a 1-year low of $23.89 and a 1-year high of $50.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.53 and a quick ratio of 0.53. The stock's fifty day simple moving average is $36.41 and its 200-day simple moving average is $37.33. The firm has a market cap of $1.55 billion, a P/E ratio of -4.34 and a beta of 1.66.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($2.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.48) by $0.21. The company had revenue of $280.57 million for the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative net margin of 33.00% and a negative return on equity of 16.78%. The firm's quarterly revenue was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.33) EPS. On average, analysts expect that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPHR. Wall Street Zen lowered Sphere Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Macquarie cut 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 report on Tuesday, March 11th. Susquehanna began coverage on Sphere Entertainment in a research report on Monday, April 28th. They issued a "positive" rating and a $37.00 price target for the company. Finally, Craig Hallum started coverage on Sphere Entertainment in a research report on Monday, June 23rd. They issued a "buy" rating and a $75.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has an average rating of "Hold" and an average price target of $48.70.

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.