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

Sphere Entertainment Co. (NYSE:SPHR)’s share price traded up 0.2% on Thursday . The stock traded as high as $32.69 and last traded at $32.46. 102,635 shares were traded during mid-day trading, a decline of 86% from the average session volume of 727,408 shares. The stock had previously closed at $32.38.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SPHR shares. Macquarie cut their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. reduced 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 equities 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Down 1.3 %

The stock has a market cap of $1.14 billion, a P/E ratio of -3.06 and a beta of 1.39. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $41.94 and a 200-day simple moving average of $41.93.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 25.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Principal Financial Group Inc. bought a new position in Sphere Entertainment during the third quarter worth $788,000. Victory Capital Management Inc. increased its holdings in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares during the period. Quest Partners LLC raised its position in shares of Sphere Entertainment by 98,992.3% during the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after buying an additional 12,869 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Sphere Entertainment in the third quarter valued at about $320,000. Finally, Charles Schwab Investment Management Inc. grew its position in Sphere Entertainment by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after buying an additional 5,575 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.