Sphere Entertainment (NYSE:SPHR) Stock Price Up 2.9% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) was up 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.

Wall Street Analyst Weigh In

SPHR has been the topic of a number of recent analyst reports. Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. JPMorgan Chase & Co. dropped their price target 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, Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Trading Up 2.2 %

The stock has a market cap of $1.13 billion, a PE ratio of -3.01 and a beta of 1.39. The business's fifty day moving average is $42.53 and its 200 day moving average is $42.24. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company'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 transaction of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 25.08% of the company's stock.

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Hedge Funds Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ariel Investments LLC increased its position in shares of Sphere Entertainment by 7.4% in the fourth 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. Vanguard Group Inc. increased its position in shares of Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company's stock worth $112,689,000 after acquiring an additional 29,402 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Sphere Entertainment by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company's stock worth $59,084,000 after acquiring an additional 9,837 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Sphere Entertainment by 2.7% in the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company's stock worth $39,921,000 after acquiring an additional 24,772 shares in the last quarter. Finally, Steadfast Capital Management LP increased its position in shares of Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock worth $37,340,000 after acquiring an additional 599,800 shares in 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.