Sphere Entertainment (NYSE:SPHR) Shares Up 1.5% – What’s Next?

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

Analyst Ratings Changes

Several analysts have weighed in on the stock. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research 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 report on Tuesday, March 4th. Finally, Macquarie reduced their target price 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 assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sphere Entertainment presently has a consensus rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

The company has a market capitalization of $1.18 billion, a PE ratio of -3.15 and a beta of 1.39. The firm’s fifty day simple moving average is $41.21 and its 200 day simple moving average is $41.57. 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 other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 25.08% of the stock is owned by corporate insiders.

Institutional Trading of Sphere Entertainment

Institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC lifted its position in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new position in Sphere Entertainment during the fourth quarter valued at $40,000. Tower Research Capital LLC TRC grew its position in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. grew its position in shares of Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after purchasing an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth about $93,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.