Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.5% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shares traded up 0.5% during mid-day trading on Wednesday . The company traded as high as $32.25 and last traded at $31.87. 64,647 shares changed hands during trading, a decline of 91% from the average session volume of 726,918 shares. The stock had previously closed at $31.71.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie reduced 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Down 1.4 %

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 market capitalization of $1.14 billion, a P/E ratio of -3.04 and a beta of 1.39. The stock has a 50 day moving average of $41.76 and a 200-day moving average of $41.86.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of SPHR. FMR LLC boosted its position in shares of Sphere Entertainment by 76.3% in the third quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after acquiring an additional 47,635 shares during the period. Principal Financial Group Inc. bought a new position in Sphere Entertainment in the 3rd quarter valued at $788,000. Entropy Technologies LP grew its position in shares of Sphere Entertainment by 108.6% during the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after purchasing an additional 7,194 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Sphere Entertainment during the 4th quarter valued at $306,000. Finally, SG Americas Securities LLC raised its position in shares of Sphere Entertainment by 101.6% in the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock worth $464,000 after buying an additional 5,799 shares in the last quarter. 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.