Sphere Entertainment (NYSE:SPHR) Trading Up 0.8% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR)’s share price traded up 0.8% during mid-day trading on Monday . The company traded as high as $32.00 and last traded at $31.78. 103,814 shares were traded during mid-day trading, a decline of 86% from the average session volume of 726,840 shares. The stock had previously closed at $31.52.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Macquarie lowered their price target 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, March 11th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research note 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 for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Price Performance

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 firm has a market capitalization of $1.18 billion, a PE ratio of -3.13 and a beta of 1.39. The business’s 50 day moving average is $42.53 and its two-hundred day moving average is $42.20.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated 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 SEC, which is available through the SEC website. 25.08% of the stock is currently owned by insiders.

Institutional Trading of Sphere Entertainment

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

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.