Sphere Entertainment (NYSE:SPHR) Trading Up 0.2% – Here’s Why

Shares of Sphere Entertainment Co. (NYSE:SPHR) rose 0.2% during mid-day trading on Thursday . The company traded as high as $32.69 and last traded at $32.46. Approximately 102,635 shares traded hands during trading, a decline of 86% from the average daily volume of 727,408 shares. The stock had previously closed at $32.38.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPHR. Macquarie dropped their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

The firm has a market cap of $1.15 billion, a P/E ratio of -3.05 and a beta of 1.39. 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 stock’s 50-day simple moving average is $41.56 and its two-hundred day simple moving average is $41.76.

Insider Buying and Selling

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction that occurred 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 is accessible through this link. 25.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently bought and sold shares of the business. Sterling Capital Management LLC lifted its position in shares of Sphere Entertainment by 826.1% during 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 last quarter. Ancora Advisors LLC purchased a new position in Sphere Entertainment in the 4th quarter worth about $40,000. Tower Research Capital LLC TRC boosted its position in 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 buying an additional 681 shares during the period. Blue Trust Inc. boosted its holdings in shares of Sphere Entertainment by 149.5% in the fourth 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 period. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the fourth quarter worth approximately $93,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.