Sphere Entertainment (NYSE:SPHR) Trading Up 2.9% – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s stock price shot up 2.9% during trading on Wednesday . The company traded as high as $34.14 and last traded at $34.08. 145,142 shares were traded during mid-day trading, a decline of 80% from the average session volume of 726,453 shares. The stock had previously closed at $33.12.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Macquarie decreased their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

The company has a market cap of $1.20 billion, a PE ratio of -3.20 and a beta of 1.39. The firm’s 50-day moving average is $41.21 and its 200-day moving average is $41.57. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SPHR. Sterling Capital Management LLC grew its holdings in Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC bought a new stake in shares of Sphere Entertainment in the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC grew its stake in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares during the last quarter. Blue Trust Inc. increased its position in Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after buying an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the 4th quarter valued at approximately $93,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.