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

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) rose 2.9% during trading on Friday . The company traded as high as $31.86 and last traded at $31.84. Approximately 91,557 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 810,815 shares. The stock had previously closed at $30.94.

Analyst Ratings Changes

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

Sphere Entertainment Trading Up 2.2 %

The business's fifty day moving average is $42.75 and its 200-day moving average is $42.41. The firm has a market cap of $1.13 billion, a P/E ratio of -3.01 and a beta of 1.39. 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 Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.08% of the stock is owned by company insiders.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment during the 3rd quarter valued at approximately $788,000. Versor Investments LP acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $396,000. Entropy Technologies LP acquired a new stake in shares of Sphere Entertainment during the 3rd quarter worth approximately $293,000. Victory Capital Management Inc. grew its position in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company's stock worth $991,000 after buying an additional 271 shares during the period. Finally, Empowered Funds LLC grew its position in shares of Sphere Entertainment by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 171,047 shares of the company's stock worth $7,557,000 after buying an additional 8,710 shares during the period. Institutional investors and hedge funds 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.

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