Sphere Entertainment (NYSE:SPHR) Shares Up 0.8% – Here’s What Happened

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

Analysts Set New Price Targets

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

Sphere Entertainment Trading Down 2.9 %

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 has a market capitalization of $1.14 billion, a P/E ratio of -3.02 and a beta of 1.39. The company has a 50-day simple moving average of $42.12 and a 200 day simple moving average of $42.00.

Insider Activity 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 that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment during the third quarter worth $788,000. Victory Capital Management Inc. boosted its position in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after acquiring an additional 271 shares in the last quarter. Quest Partners LLC boosted its position in shares of Sphere Entertainment by 98,992.3% during the 3rd quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after acquiring an additional 12,869 shares in the last quarter. Intech Investment Management LLC bought a new stake in Sphere Entertainment in the third quarter valued at about $320,000. Finally, Charles Schwab Investment Management Inc. raised its position in Sphere Entertainment by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after purchasing an additional 5,575 shares in the last quarter. 92.03% of the stock is currently 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.