Sphere Entertainment (NYSE:SPHR) Shares Gap Up – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares gapped up before the market opened on Friday . The stock had previously closed at $33.78, but opened at $34.49. Sphere Entertainment shares last traded at $33.73, with a volume of 170,288 shares traded.

Analyst Ratings Changes

Several research firms have issued reports on SPHR. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie cut their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lowered their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report 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 company’s stock. According to MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Price Performance

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.20 and a beta of 1.39. The company’s 50-day simple moving average is $40.90 and its 200-day simple moving average is $41.47. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 25.08% of the stock is currently owned by insiders.

Institutional Trading of Sphere Entertainment

A number of institutional investors have recently bought and sold shares of the business. Steadfast Capital Management LP raised its position in shares of Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after buying an additional 599,800 shares in the last quarter. Ariel Investments LLC raised its holdings in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after acquiring an additional 394,050 shares in the last quarter. Norges Bank bought a new stake in shares of Sphere Entertainment during the 4th quarter valued at $14,432,000. Wealthfront Advisers LLC acquired a new stake in shares of Sphere Entertainment during the 4th quarter worth $11,286,000. Finally, Alliancebernstein L.P. grew its holdings in shares of Sphere Entertainment by 929.8% during the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after purchasing an additional 258,123 shares in the last quarter. 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.