Redmont Wealth Advisors LLC Has $457,000 Stock Position in Sphere Entertainment Co. (NYSE:SPHR)

Redmont Wealth Advisors LLC lowered its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 11.8% in the fourth quarter, HoldingsChannel reports. The fund owned 13,449 shares of the company’s stock after selling 1,798 shares during the period. Redmont Wealth Advisors LLC’s holdings in Sphere Entertainment were worth $457,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SPHR. Pinnacle Associates Ltd. acquired a new stake in shares of Sphere Entertainment in the 3rd quarter valued at approximately $256,000. Bank of New York Mellon Corp bought a new position in Sphere Entertainment during the 3rd quarter worth $3,674,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sphere Entertainment during the 3rd quarter worth $303,000. Strs Ohio bought a new position in Sphere Entertainment during the 3rd quarter worth $709,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Sphere Entertainment during the 3rd quarter worth $424,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity at Sphere Entertainment

In related news, CEO James Lawrence Dolan purchased 76,139 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average cost of $40.73 per share, with a total value of $3,101,141.47. Following the transaction, the chief executive officer now owns 520,039 shares of the company’s stock, valued at approximately $21,181,188.47. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sphere Entertainment news, CEO James Lawrence Dolan acquired 76,139 shares of Sphere Entertainment stock in a transaction on Wednesday, February 28th. The stock was purchased at an average price of $40.73 per share, for a total transaction of $3,101,141.47. Following the purchase, the chief executive officer now directly owns 520,039 shares of the company’s stock, valued at $21,181,188.47. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Andrea Greenberg sold 12,131 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the completion of the transaction, the chief executive officer now owns 76,650 shares of the company’s stock, valued at approximately $3,909,150. The disclosure for this sale can be found here. In the last three months, insiders purchased 245,669 shares of company stock valued at $10,706,120. 24.46% of the stock is owned by insiders.

Sphere Entertainment Trading Up 0.6 %

SPHR stock traded up $0.21 during trading on Friday, hitting $38.17. The company had a trading volume of 528,133 shares, compared to its average volume of 705,159. The business has a 50-day moving average of $44.61 and a 200-day moving average of $38.03. Sphere Entertainment Co. has a one year low of $20.68 and a one year high of $51.83. The stock has a market cap of $1.34 billion, a PE ratio of 3.66 and a beta of 1.40. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR) last announced 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). Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The company had revenue of $314.16 million during the quarter, compared to the consensus estimate of $303.28 million. During the same quarter in the previous year, the company earned $2.25 earnings per share. The business’s revenue was up 96.9% on a year-over-year basis. Research analysts predict that Sphere Entertainment Co. will post -3.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SPHR shares. Seaport Res Ptn cut Sphere Entertainment from a “buy” rating to a “neutral” rating in a research report on Monday, April 8th. Wolfe Research began coverage on Sphere Entertainment in a report on Wednesday, January 17th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. boosted their price target on Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, February 6th. Finally, Bank of America began coverage on Sphere Entertainment in a report on Wednesday, February 7th. They set a “neutral” rating and a $43.00 price target on the stock. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and a consensus target price of $35.60.

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.