HighTower Advisors LLC Sells 29,417 Shares of Sphere Entertainment Co. (NYSE:SPHR)

HighTower Advisors LLC cut its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 74.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,936 shares of the company’s stock after selling 29,417 shares during the quarter. HighTower Advisors LLC’s holdings in Sphere Entertainment were worth $401,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SPHR. Wealthfront Advisers LLC purchased a new stake in Sphere Entertainment during the 4th quarter valued at $11,286,000. Clearline Capital LP purchased a new stake in shares of Sphere Entertainment during the third quarter worth about $5,607,000. JPMorgan Chase & Co. boosted its holdings in shares of Sphere Entertainment by 140.0% during the third quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company’s stock worth $6,669,000 after purchasing an additional 88,065 shares during the period. Verition Fund Management LLC increased its holdings in Sphere Entertainment by 235.4% during the 3rd quarter. Verition Fund Management LLC now owns 109,184 shares of the company’s stock valued at $4,824,000 after purchasing an additional 76,635 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Sphere Entertainment during the 4th quarter valued at approximately $2,656,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPHR has been the topic of several research analyst reports. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Finally, Macquarie dropped 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $46.75.

Insider Activity

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 value of $1,872,013.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 25.08% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $32.69 on Tuesday. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -3.11 and a beta of 1.39. The business’s fifty day simple moving average is $40.56 and its two-hundred day simple moving average is $41.34. Sphere Entertainment Co. has a 12 month low of $30.62 and a 12 month high of $50.88. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

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.