OFI Invest Asset Management Buys New Position in Sphere Entertainment Co. (NYSE:SPHR)

OFI Invest Asset Management bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,847 shares of the company’s stock, valued at approximately $306,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Blue Trust Inc. boosted its holdings in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after acquiring an additional 912 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Sphere Entertainment in the third quarter worth approximately $187,000. Concurrent Investment Advisors LLC bought a new position in Sphere Entertainment in the third quarter worth approximately $216,000. ArrowMark Colorado Holdings LLC bought a new position in Sphere Entertainment in the third quarter worth approximately $219,000. Finally, Tidal Investments LLC bought a new position in Sphere Entertainment in the third quarter worth approximately $225,000. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Stock Performance

Shares of SPHR opened at $32.93 on Tuesday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -3.14 and a beta of 1.39. The stock has a 50 day moving average of $43.30 and a 200 day moving average of $42.70. Sphere Entertainment Co. has a 12 month low of $32.10 and a 12 month high of $50.88.

Analysts Set New Price Targets

Several research analysts have issued reports on SPHR shares. Morgan Stanley cut their price target on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Macquarie cut their price target on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Guggenheim lowered their price objective on 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, JPMorgan Chase & Co. lowered their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment currently has a consensus rating of “Hold” and an average target price of $47.38.

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.