Sphere Entertainment Co. (NYSE:SPHR) Receives Average Recommendation of "Hold" from Analysts

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) have earned an average rating of "Hold" from the nine analysts that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $46.75.

A number of brokerages have weighed in on SPHR. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their price objective 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. The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a research report on Thursday, March 27th. Finally, Macquarie reduced their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th.

Sphere Entertainment Price Performance

Shares of SPHR traded up $0.03 during mid-day trading on Friday, reaching $32.75. The company had a trading volume of 190,218 shares, compared to its average volume of 801,791. The company's 50 day simple moving average is $40.56 and its 200 day simple moving average is $41.34. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -3.12 and a beta of 1.39. Sphere Entertainment has a 1-year low of $30.62 and a 1-year high of $50.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

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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 on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 25.08% of the company's stock.

Institutional Trading of Sphere Entertainment

Several large investors have recently made changes to their positions in the company. Steadfast Capital Management LP grew its stake in Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after acquiring an additional 599,800 shares during the period. Ariel Investments LLC grew its position in 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 purchasing an additional 394,050 shares during the period. Norges Bank bought a new stake in Sphere Entertainment during the 4th quarter valued at $14,432,000. Wealthfront Advisers LLC acquired a new position in Sphere Entertainment during the fourth quarter worth $11,286,000. Finally, Alliancebernstein L.P. lifted its stake in shares of 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 buying an additional 258,123 shares in the last quarter. 92.03% of the stock is currently 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.