KLP Kapitalforvaltning AS Makes New Investment in Sphere Entertainment Co. (NYSE:SPHR)

KLP Kapitalforvaltning AS purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,814 shares of the company’s stock, valued at approximately $234,000.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. increased its position in 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 purchasing an additional 912 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth about $187,000. Tidal Investments LLC purchased a new stake in shares of Sphere Entertainment during the third quarter worth about $225,000. Captrust Financial Advisors acquired a new position in shares of Sphere Entertainment in the third quarter valued at approximately $227,000. Finally, Concurrent Investment Advisors LLC lifted its stake in shares of Sphere Entertainment by 18.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 5,793 shares of the company’s stock valued at $234,000 after buying an additional 893 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Performance

NYSE SPHR opened at $27.23 on Tuesday. 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 1-year low of $24.77 and a 1-year high of $50.88. The firm has a market capitalization of $974.46 million, a P/E ratio of -2.59 and a beta of 1.48. The business’s 50-day simple moving average is $39.25 and its 200-day simple moving average is $40.93.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 25.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on SPHR. The Goldman Sachs Group raised shares of Sphere Entertainment to a “strong-buy” rating in a research note on Thursday, March 27th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Macquarie reduced their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lowered their price target 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, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and an average price target of $46.75.

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.