Redmont Wealth Advisors LLC Purchases 1,948 Shares of Sphere Entertainment Co. (NYSE:SPHR)

Redmont Wealth Advisors LLC increased its position in shares of Sphere Entertainment Co. (NYSE:SPHR) by 14.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,397 shares of the company’s stock after acquiring an additional 1,948 shares during the quarter. Redmont Wealth Advisors LLC’s holdings in Sphere Entertainment were worth $756,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Sphere Entertainment in the 1st quarter valued at approximately $255,000. Cannon Global Investment Management LLC purchased a new position in Sphere Entertainment in the 1st quarter worth $290,000. Radnor Capital Management LLC lifted its position in Sphere Entertainment by 4.2% during the 1st quarter. Radnor Capital Management LLC now owns 22,845 shares of the company’s stock worth $1,121,000 after acquiring an additional 925 shares during the period. O Keefe Stevens Advisory Inc. grew its stake in Sphere Entertainment by 1.5% during the 1st quarter. O Keefe Stevens Advisory Inc. now owns 166,701 shares of the company’s stock valued at $8,182,000 after purchasing an additional 2,383 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Sphere Entertainment by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock worth $94,741,000 after purchasing an additional 100,311 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Guggenheim dropped their target price on Sphere Entertainment from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Seaport Res Ptn lowered shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research note on Monday, April 8th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment presently has an average rating of “Hold” and an average price target of $36.20.

Sphere Entertainment Stock Performance

Sphere Entertainment stock traded up $1.27 during mid-day trading on Wednesday, hitting $37.40. The company had a trading volume of 620,166 shares, compared to its average volume of 714,300. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 3.42 and a beta of 1.42. Sphere Entertainment Co. has a 12-month low of $27.02 and a 12-month high of $51.83. The company’s fifty day moving average is $37.04 and its 200-day moving average is $38.97. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Friday, May 10th. The company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.98). The firm had revenue of $321.33 million for the quarter, compared to analysts’ expectations of $324.65 million. Sphere Entertainment had a return on equity of 8.11% and a net margin of 43.36%. The business’s quarterly revenue was up 98.3% on a year-over-year basis. During the same period last year, the company posted ($1.08) earnings per share. Equities research analysts predict that Sphere Entertainment Co. will post -4.83 EPS for the current year.

Sphere Entertainment 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.