Sphere Entertainment (NYSE:SPHR) Stock Price Up 1.5% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shares were up 1.5% on Monday . The company traded as high as $32.99 and last traded at $32.56. Approximately 95,970 shares were traded during trading, a decline of 87% from the average daily volume of 726,175 shares. The stock had previously closed at $32.09.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SPHR shares. Macquarie decreased their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research 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. cut their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Trading Up 1.0 %

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 firm has a market cap of $1.16 billion, a price-to-earnings ratio of -3.08 and a beta of 1.39. The firm’s fifty day moving average is $41.56 and its 200-day moving average is $41.73.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction on Monday, March 10th. The shares were 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 at this link. 25.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in shares of Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after purchasing an additional 271 shares during the period. US Bancorp DE boosted its holdings in Sphere Entertainment by 3.8% in the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after acquiring an additional 276 shares in the last quarter. Central Pacific Bank Trust Division grew its stake in Sphere Entertainment by 5.3% in the fourth quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after acquiring an additional 500 shares during the period. Boyar Asset Management Inc. increased its holdings in shares of Sphere Entertainment by 1.2% during the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock valued at $1,793,000 after acquiring an additional 542 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position 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 worth $53,000 after purchasing an additional 681 shares during the period. 92.03% of the stock is owned by 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.