Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.5% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR) shares rose 0.5% on Wednesday . The company traded as high as $32.25 and last traded at $31.87. Approximately 64,647 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 726,918 shares. The stock had previously closed at $31.71.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SPHR shares. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie lowered 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Price Performance

The stock has a 50-day moving average of $42.12 and a two-hundred day moving average of $42.00. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -3.03 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment 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 legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of SPHR. Sterling Capital Management LLC lifted its stake in Sphere Entertainment by 826.1% in 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 in the fourth quarter worth approximately $40,000. Tower Research Capital LLC TRC boosted its holdings 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. Blue Trust Inc. grew its position in Sphere Entertainment by 149.5% during 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 in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the 4th quarter valued at approximately $93,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.