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

Sphere Entertainment Co. (NYSE:SPHR)’s share price was up 0.8% during trading on Tuesday . The company traded as high as $33.64 and last traded at $33.05. Approximately 212,996 shares traded hands during trading, a decline of 72% from the average daily volume of 768,062 shares. The stock had previously closed at $32.79.

Analyst Ratings Changes

SPHR has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. Guggenheim dropped their price target on shares of Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Macquarie reduced their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Morgan Stanley reduced their price target on Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -3.05 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $43.30 and its 200 day moving average is $42.70.

Institutional Trading of Sphere Entertainment

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