Sphere Entertainment (NYSE:SPHR) Trading 0.2% Higher - Here's What Happened

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) were up 0.2% on Thursday . The stock traded as high as $32.69 and last traded at $32.46. Approximately 102,635 shares traded hands during trading, a decline of 86% from the average daily volume of 727,408 shares. The stock had previously closed at $32.38.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SPHR shares. JPMorgan Chase & Co. lowered their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Macquarie lowered their target price 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. Finally, Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Stock Down 0.5 %

The stock's fifty day moving average price is $41.56 and its 200-day moving average price is $41.74. 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 company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.39.

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Insider Activity at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its holdings in Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment during the 4th quarter worth about $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock valued at $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. lifted its stake in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the fourth quarter worth about $93,000. 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.