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

Sphere Entertainment Co. (NYSE:SPHR) traded up 0.2% during mid-day trading on Thursday . The stock traded as high as $32.69 and last traded at $32.46. 102,635 shares traded hands 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 Analyst Weigh In

Several analysts recently issued reports on the company. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. JPMorgan Chase & Co. cut their target price 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. Finally, Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Price Performance

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 company’s 50 day moving average price is $41.94 and its 200-day moving average price is $41.93. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -3.06 and a beta of 1.39.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction dated 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 filing with the SEC, which is available at this hyperlink. 25.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Sterling Capital Management LLC boosted its stake in Sphere Entertainment by 826.1% in the 4th 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 period. Ancora Advisors LLC acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth $40,000. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% during the fourth 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 in the last quarter. Blue Trust Inc. raised its position in Sphere Entertainment by 149.5% during the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after buying an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment in the 4th quarter worth about $93,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

About Sphere Entertainment

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.