Sphere Entertainment (NYSE:SPHR) Trading 2.9% Higher - Here's Why

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price traded up 2.9% on Wednesday . The stock traded as high as $34.14 and last traded at $34.08. 145,142 shares were traded during mid-day trading, a decline of 80% from the average session volume of 726,453 shares. The stock had previously closed at $33.12.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SPHR shares. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. One equities research 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. Based on data from MarketBeat.com, Sphere Entertainment currently has an average rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Stock Performance

The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average price of $40.74 and a 200-day moving average price of $41.40. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -3.16 and a beta of 1.39.

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Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm'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 through this link. Insiders own 25.08% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPHR. Victory Capital Management Inc. increased its holdings in shares of Sphere Entertainment by 16.4% in the 3rd quarter. Victory Capital Management Inc. now owns 17,503 shares of the company's stock valued at $744,000 after purchasing an additional 2,461 shares in the last quarter. Intech Investment Management LLC purchased a new position in Sphere Entertainment in the third quarter valued at about $320,000. Charles Schwab Investment Management Inc. lifted its position in shares of Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company's stock valued at $14,218,000 after acquiring an additional 5,575 shares during the period. Algert Global LLC boosted its stake in shares of Sphere Entertainment by 36.2% during the 3rd quarter. Algert Global LLC now owns 17,737 shares of the company's stock worth $754,000 after acquiring an additional 4,710 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $561,000. 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.