Sphere Entertainment (NYSE:SPHR) Trading Up 0.8% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) traded up 0.8% during mid-day trading on Monday . The company traded as high as $32.00 and last traded at $31.78. 103,814 shares changed hands during trading, a decline of 86% from the average session volume of 726,840 shares. The stock had previously closed at $31.52.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SPHR. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. cut 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. Finally, Macquarie decreased their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Stock Down 2.9 %

The firm has a 50 day moving average price of $42.12 and a 200-day moving average price of $42.00. 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 $1.14 billion, a price-to-earnings ratio of -3.02 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 company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors have recently made changes to their positions in the stock. Steadfast Capital Management LP boosted its holdings in Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after buying an additional 599,800 shares during the last quarter. Ariel Investments LLC raised its position in shares of 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 during the period. Norges Bank bought a new position in Sphere Entertainment during the 4th quarter worth approximately $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment during the fourth quarter valued at approximately $11,286,000. Finally, Alliancebernstein L.P. increased its stake in Sphere Entertainment by 929.8% in the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock valued at $11,527,000 after purchasing an additional 258,123 shares in the last quarter. 92.03% of the stock is 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.