Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in Sphere Entertainment Co. (NYSE:SPHR) by 42.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,706 shares of the company’s stock after selling 3,452 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sphere Entertainment were worth $160,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of SPHR. Carnegie Capital Asset Management LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter worth approximately $4,734,000. Mirae Asset Global Investments Co. Ltd. grew its position in Sphere Entertainment by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,969 shares of the company’s stock worth $474,000 after purchasing an additional 2,566 shares in the last quarter. Asset Management One Co. Ltd. acquired a new stake in Sphere Entertainment during the 4th quarter valued at $337,000. Washington Trust Advisors Inc. acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth $6,291,000. Finally, Raymond James & Associates purchased a new position in shares of Sphere Entertainment during the fourth quarter valued at $387,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Sphere Entertainment Trading Down 2.2 %

Shares of NYSE SPHR opened at $39.79 on Thursday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 3.76 and a beta of 1.46. The business has a 50 day simple moving average of $44.48 and a 200 day simple moving average of $38.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.63 and a current ratio of 0.63. Sphere Entertainment Co. has a 52 week low of $20.68 and a 52 week high of $51.83.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Monday, February 5th. The company reported ($4.91) EPS for the quarter, missing the consensus estimate of ($0.49) by ($4.42). The business had revenue of $314.16 million during the quarter, compared to the consensus estimate of $303.28 million. Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The business’s revenue was up 96.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.25 earnings per share. On average, research analysts predict that Sphere Entertainment Co. will post -3.89 earnings per share for the current fiscal year.

Insider Activity at Sphere Entertainment

In related news, CEO James Lawrence Dolan bought 110,156 shares of the business’s stock in a transaction on Monday, March 4th. The shares were bought at an average cost of $46.88 per share, for a total transaction of $5,164,113.28. Following the completion of the acquisition, the chief executive officer now directly owns 630,195 shares in the company, valued at $29,543,541.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO James Lawrence Dolan bought 110,156 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was purchased at an average price of $46.88 per share, with a total value of $5,164,113.28. Following the completion of the transaction, the chief executive officer now directly owns 630,195 shares of the company’s stock, valued at $29,543,541.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 transaction of $618,681.00. Following the completion of the transaction, the chief executive officer now directly owns 76,650 shares in the company, valued at approximately $3,909,150. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 245,669 shares of company stock valued at $10,706,120. Insiders own 24.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPHR. Bank of America started coverage on Sphere Entertainment in a research note on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 price objective for the company. JPMorgan Chase & Co. increased 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 downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Finally, Wolfe Research began coverage on shares of Sphere Entertainment in a research report on Wednesday, January 17th. They issued a “peer perform” rating for the company. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.60.

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.