Sphere Entertainment (NYSE:SPHR) Trading Up 0.8% - Here's Why

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price rose 0.8% during mid-day trading on Monday . The stock traded as high as $32.00 and last traded at $31.78. Approximately 103,814 shares were traded during trading, a decline of 86% from the average daily volume of 726,840 shares. The stock had previously closed at $31.52.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lowered 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 analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Stock Performance

The company's 50 day moving average price is $41.76 and its 200-day moving average price is $41.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $1.15 billion, a PE ratio of -3.06 and a beta of 1.39.

Insider Buying and Selling

In related 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 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. 25.08% of the stock is owned by insiders.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SPHR. Principal Financial Group Inc. bought a new position in Sphere Entertainment in the 3rd quarter valued at $788,000. Victory Capital Management Inc. boosted its holdings in Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company's stock valued at $991,000 after purchasing an additional 271 shares during the period. Quest Partners LLC boosted its holdings in Sphere Entertainment by 98,992.3% in the 3rd quarter. Quest Partners LLC now owns 12,882 shares of the company's stock valued at $569,000 after purchasing an additional 12,869 shares during the period. Intech Investment Management LLC bought a new position in Sphere Entertainment in the 3rd quarter valued at $320,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Sphere Entertainment by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company's stock valued at $14,218,000 after purchasing an additional 5,575 shares during the period. 92.03% of the stock is owned by institutional investors.

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.