Ameriprise Financial Inc. Sells 92,140 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Ameriprise Financial Inc. trimmed its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 29.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,719 shares of the company's stock after selling 92,140 shares during the period. Ameriprise Financial Inc. owned about 0.63% of Sphere Entertainment worth $8,939,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its stake in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $40,000. Tower Research Capital LLC TRC boosted its position in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after acquiring an additional 681 shares during the last quarter. Blue Trust Inc. boosted its position 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 valued at $67,000 after acquiring an additional 912 shares during the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in Sphere Entertainment by 18.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company's stock worth $234,000 after buying an additional 893 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Sphere Entertainment Stock Performance

Sphere Entertainment stock traded down $0.14 during mid-day trading on Monday, reaching $37.45. 454,457 shares of the stock traded hands, compared to its average volume of 812,355. The stock has a market capitalization of $1.34 billion, a PE ratio of -3.57 and a beta of 1.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 12-month low of $23.89 and a 12-month high of $50.88. The business's 50-day moving average is $30.92 and its 200-day moving average is $37.46.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) EPS for the quarter, beating analysts' consensus estimates of ($2.48) by $0.21. The company had revenue of $280.57 million during the quarter, compared to analysts' expectations of $285.01 million. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. Sphere Entertainment's revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.33) earnings per share. As a group, sell-side analysts predict that Sphere Entertainment Co. will post -11.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 25.08% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SPHR shares. The Goldman Sachs Group set a $36.00 target price on Sphere Entertainment and gave the stock a "buy" rating in a research report on Friday, April 18th. Guggenheim boosted their target price on Sphere Entertainment from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Benchmark restated a "sell" rating and set a $35.00 price target on shares of Sphere Entertainment in a research report on Monday, May 19th. Susquehanna assumed coverage on Sphere Entertainment in a research report on Monday, April 28th. They set a "positive" rating and a $37.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Sphere Entertainment from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $45.78.

About Sphere Entertainment

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.