Sphere Entertainment (NYSE:SPHR) Shares Up 2.2% - Here's Why

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price was up 2.2% on Tuesday . The stock traded as high as $32.94 and last traded at $33.24. Approximately 89,120 shares traded hands during trading, a decline of 88% from the average daily volume of 727,872 shares. The stock had previously closed at $32.51.

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of recent research reports. Benchmark reissued a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. reduced their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. Finally, Macquarie decreased their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Trading Down 1.5 %

The company's 50 day simple moving average is $40.90 and its two-hundred day simple moving average is $41.47. The company has a market cap of $1.19 billion, a PE ratio of -3.17 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 25.08% of the stock is owned by insiders.

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Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Steadfast Capital Management LP boosted its position in Sphere Entertainment by 183.8% in the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after buying an additional 599,800 shares during the period. Ariel Investments LLC grew its holdings in Sphere Entertainment by 7.4% during the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company's stock worth $231,606,000 after acquiring an additional 394,050 shares in the last quarter. Norges Bank acquired a new position in shares of Sphere Entertainment during the 4th quarter worth about $14,432,000. Wealthfront Advisers LLC acquired a new stake in Sphere Entertainment during the fourth quarter worth approximately $11,286,000. Finally, Alliancebernstein L.P. grew its holdings in shares of Sphere Entertainment by 929.8% during the fourth quarter. Alliancebernstein L.P. now owns 285,885 shares of the company's stock worth $11,527,000 after purchasing an additional 258,123 shares during the last quarter. Institutional investors and hedge funds 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.