Sphere Entertainment (NYSE:SPHR) Trading 2.2% Higher – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s stock price traded up 2.2% on Tuesday . The stock traded as high as $32.94 and last traded at $33.24. 89,120 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 727,872 shares. The stock had previously closed at $32.51.

Analyst Upgrades and Downgrades

SPHR has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced 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. Macquarie reduced their price objective 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. Finally, Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Trading Up 0.6 %

The stock has a market capitalization of $1.17 billion, a P/E ratio of -3.12 and a beta of 1.39. The business has a 50 day simple moving average of $41.38 and a 200-day simple moving average of $41.65. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its stake 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 worth $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Sphere Entertainment during the fourth quarter valued at $40,000. Tower Research Capital LLC TRC boosted its position in shares of Sphere Entertainment by 108.1% in the 4th 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. increased its stake in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after purchasing an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Sphere Entertainment during the 4th quarter worth about $93,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.