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

Wealthfront Advisers LLC bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 300,708 shares of the company’s stock, valued at approximately $11,286,000. Wealthfront Advisers LLC owned about 0.85% of Sphere Entertainment as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in SPHR. Blue Trust Inc. raised its holdings in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after acquiring an additional 912 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Sphere Entertainment in the 3rd quarter worth $187,000. Concurrent Investment Advisors LLC bought a new position in Sphere Entertainment in the 3rd quarter worth $216,000. ArrowMark Colorado Holdings LLC purchased a new stake in Sphere Entertainment in the 3rd quarter worth $219,000. Finally, Tidal Investments LLC purchased a new stake in Sphere Entertainment in the 3rd quarter worth $225,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Sphere Entertainment Price Performance

Shares of SPHR stock opened at $31.60 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $1.12 billion, a P/E ratio of -3.01 and a beta of 1.39. The company’s 50-day simple moving average is $43.13 and its two-hundred day simple moving average is $42.57. Sphere Entertainment Co. has a one year low of $31.56 and a one year high of $50.88.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPHR. Macquarie decreased their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Guggenheim reduced their price objective on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, four have given 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 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.