Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.8% - Here's What Happened

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s share price was up 0.8% during mid-day trading on Tuesday . The stock traded as high as $33.64 and last traded at $33.05. Approximately 212,996 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 768,062 shares. The stock had previously closed at $32.79.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SPHR shares. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie reduced their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price objective 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 research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $46.75.

Sphere Entertainment Stock Down 3.2 %

The stock's fifty day moving average price is $42.96 and its 200-day moving average price is $42.50. 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 $1.11 billion, a price-to-earnings ratio of -2.94 and a beta of 1.39.

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Insiders Place Their Bets

In other Sphere Entertainment 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 stock was 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 this link. Insiders own 25.08% of the company's stock.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the stock. Jefferies Financial Group Inc. bought a new stake in Sphere Entertainment during the fourth quarter worth $202,000. Putney Financial Group LLC acquired a new position in shares of Sphere Entertainment during the 4th quarter worth about $257,000. Public Employees Retirement System of Ohio bought a new stake in shares of Sphere Entertainment in the 4th quarter valued at about $93,000. Poehling Capital Management INC. lifted its stake in Sphere Entertainment by 104.1% in the 4th quarter. Poehling Capital Management INC. now owns 35,839 shares of the company's stock valued at $1,445,000 after purchasing an additional 18,280 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Sphere Entertainment by 14.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company's stock worth $1,868,000 after purchasing an additional 5,849 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.