AlphaQuest LLC Sells 8,856 Shares of Sphere Entertainment Co. (NYSE:SPHR)

AlphaQuest LLC decreased its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 68.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,026 shares of the company’s stock after selling 8,856 shares during the quarter. AlphaQuest LLC’s holdings in Sphere Entertainment were worth $162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPHR. FMR LLC lifted its position in Sphere Entertainment by 76.3% during the third quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after purchasing an additional 47,635 shares during the last quarter. Principal Financial Group Inc. bought a new position in Sphere Entertainment during the third quarter valued at $788,000. Entropy Technologies LP lifted its position in Sphere Entertainment by 108.6% during the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after purchasing an additional 7,194 shares during the last quarter. OFI Invest Asset Management bought a new position in Sphere Entertainment during the fourth quarter valued at $306,000. Finally, SG Americas Securities LLC lifted its position in Sphere Entertainment by 101.6% during the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock valued at $464,000 after purchasing an additional 5,799 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling

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

Sphere Entertainment Trading Up 4.1 %

SPHR stock opened at $32.80 on Tuesday. The company has a market capitalization of $1.17 billion, a PE ratio of -3.12 and a beta of 1.39. Sphere Entertainment Co. has a 12 month low of $30.62 and a 12 month high of $50.88. The firm’s 50-day moving average is $42.32 and its 200 day moving average is $42.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Macquarie lowered their price objective 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. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. One 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.