Wealthfront Advisers LLC Takes $11.29 Million Position in Sphere Entertainment Co. (NYSE:SPHR)

Wealthfront Advisers LLC acquired a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 300,708 shares of the company’s stock, valued at approximately $11,286,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPHR. Blue Trust Inc. boosted its stake in shares of Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after purchasing an additional 912 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $187,000. Concurrent Investment Advisors LLC acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $216,000. ArrowMark Colorado Holdings LLC acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $219,000. Finally, Tidal Investments LLC acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $225,000. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Trading Down 3.6 %

NYSE SPHR opened at $31.60 on Wednesday. The company has a fifty day simple moving average of $43.13 and a two-hundred day simple moving average of $42.57. The stock has a market cap of $1.12 billion, a P/E ratio of -3.01 and a beta of 1.39. Sphere Entertainment Co. has a 12-month low of $31.56 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.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPHR. Macquarie lowered 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 note on Tuesday. JPMorgan Chase & Co. lowered their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. Guggenheim lowered their target price on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.