Sphere Entertainment (NYSE:SPHR) Stock Price Up 2.9% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shares rose 2.9% during mid-day trading on Friday . The company traded as high as $31.86 and last traded at $31.84. Approximately 91,557 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 810,815 shares. The stock had previously closed at $30.94.

Analysts Set New Price Targets

SPHR has been the topic of a number of recent research reports. Macquarie cut their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Up 2.2 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50 day simple moving average of $42.75 and a two-hundred day simple moving average of $42.41. The firm has a market capitalization of $1.13 billion, a P/E ratio of -3.01 and a beta of 1.39.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently made changes to their positions in the business. FMR LLC raised its stake in shares of Sphere Entertainment by 76.3% during the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after purchasing an additional 47,635 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Sphere Entertainment during the 3rd quarter worth $788,000. Entropy Technologies LP increased its holdings in Sphere Entertainment by 108.6% in the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock worth $557,000 after acquiring an additional 7,194 shares during the last quarter. OFI Invest Asset Management bought a new stake in Sphere Entertainment in the 4th quarter valued at about $306,000. Finally, SG Americas Securities LLC raised its stake in Sphere Entertainment by 101.6% in the 4th quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock valued at $464,000 after acquiring an additional 5,799 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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.