Sphere Entertainment (NYSE:SPHR) Trading 0.5% Higher - Here's Why

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SPHR shares. 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 note on Tuesday, March 11th. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company 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 assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Stock Down 0.5 %

The firm has a market cap of $1.15 billion, a PE ratio of -3.05 and a beta of 1.39. The stock has a fifty day moving average price of $41.56 and a 200-day moving average price of $41.74. 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 other Sphere Entertainment 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 sale was disclosed in a document filed with the SEC, which is available through this link. 25.08% of the stock is currently owned by corporate insiders.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sterling Capital Management LLC boosted its stake in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after buying an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth about $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% during the 4th 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 in the last quarter. Blue Trust Inc. raised its stake in shares of Sphere Entertainment by 149.5% during 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 position in shares of Sphere Entertainment during the 4th quarter valued at about $93,000. Institutional investors 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.