Redmont Wealth Advisors LLC Sells 1,798 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Redmont Wealth Advisors LLC reduced its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 11.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,449 shares of the company’s stock after selling 1,798 shares during the quarter. Redmont Wealth Advisors LLC’s holdings in Sphere Entertainment were worth $457,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SPHR. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment during the third quarter valued at approximately $25,000. Tower Research Capital LLC TRC bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $35,000. Qube Research & Technologies Ltd bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $45,000. FMR LLC bought a new position in Sphere Entertainment during the 3rd quarter valued at about $52,000. Finally, Citigroup Inc. bought a new position in Sphere Entertainment in the 3rd quarter worth about $59,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on SPHR. JPMorgan Chase & Co. upped their price target on shares of Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 6th. Seaport Res Ptn cut shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Bank of America initiated coverage on shares of Sphere Entertainment in a research report on Wednesday, February 7th. They set a “neutral” rating and a $43.00 target price for the company. Finally, Wolfe Research initiated coverage on shares of Sphere Entertainment in a research report on Wednesday, January 17th. They set a “peer perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $35.60.

Insiders Place Their Bets

In other Sphere Entertainment news, CEO James Lawrence Dolan acquired 76,139 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average price of $40.73 per share, for a total transaction of $3,101,141.47. Following the completion of the acquisition, the chief executive officer now owns 520,039 shares of the company’s stock, valued at approximately $21,181,188.47. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Andrea Greenberg sold 12,131 shares of Sphere Entertainment stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the completion of the transaction, the chief executive officer now owns 76,650 shares in the company, valued at $3,909,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Lawrence Dolan acquired 76,139 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average price of $40.73 per share, with a total value of $3,101,141.47. Following the acquisition, the chief executive officer now directly owns 520,039 shares of the company’s stock, valued at approximately $21,181,188.47. The disclosure for this purchase can be found here. Insiders have bought 245,669 shares of company stock valued at $10,706,120 over the last ninety days. Company insiders own 24.46% of the company’s stock.

Sphere Entertainment Stock Performance

SPHR stock traded up $0.21 during midday trading on Friday, hitting $38.17. 528,133 shares of the stock traded hands, compared to its average volume of 705,159. The firm has a market cap of $1.34 billion, a P/E ratio of 3.66 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.63 and a quick ratio of 0.63. The stock’s fifty day simple moving average is $44.61 and its 200-day simple moving average is $38.03. Sphere Entertainment Co. has a 1-year low of $20.68 and a 1-year high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings results on Monday, February 5th. The company reported ($4.91) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($4.42). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The business had revenue of $314.16 million during the quarter, compared to analysts’ expectations of $303.28 million. During the same period in the prior year, the business posted $2.25 earnings per share. The business’s quarterly revenue was up 96.9% on a year-over-year basis. On average, analysts expect that Sphere Entertainment Co. will post -3.88 earnings per share for the current year.

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.