Sphere Entertainment (NYSE:SPHR) Shares Gap Up - What's Next?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $33.78, but opened at $34.49. Sphere Entertainment shares last traded at $33.73, with a volume of 170,288 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPHR. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their target price on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Finally, Benchmark restated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment currently has a consensus rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Stock Down 1.6 %

The firm has a market cap of $1.17 billion, a P/E ratio of -3.11 and a beta of 1.39. The stock's 50 day simple moving average is $40.74 and its 200 day simple moving average is $41.41. 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 Buying and Selling at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction 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 SEC, which is accessible through this link. Insiders own 25.08% of the company's stock.

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Hedge Funds Weigh In On Sphere Entertainment

A number of large investors have recently added to or reduced their stakes in SPHR. Steadfast Capital Management LP raised its holdings in shares of Sphere Entertainment by 183.8% during 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 in the last quarter. Ariel Investments LLC increased its stake in Sphere Entertainment by 7.4% during 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 in the last quarter. Norges Bank purchased a new stake in Sphere Entertainment during the 4th quarter valued at $14,432,000. Wealthfront Advisers LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter worth $11,286,000. Finally, Alliancebernstein L.P. lifted its stake in Sphere Entertainment by 929.8% during the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock valued at $11,527,000 after acquiring an additional 258,123 shares during the period. Hedge funds and other institutional investors 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.