Sphere Entertainment (NYSE:SPHR) Shares Up 2.9% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price shot up 2.9% during trading on Friday . The company traded as high as $31.86 and last traded at $31.84. 91,557 shares were traded during mid-day trading, a decline of 89% from the average session volume of 810,815 shares. The stock had previously closed at $30.94.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPHR. Macquarie cut their price objective 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. JPMorgan Chase & Co. cut 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. Finally, Benchmark restated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Trading Up 2.2 %

The stock has a 50-day moving average of $42.53 and a 200 day moving average of $42.24. The stock has a market cap of $1.13 billion, a PE ratio of -3.01 and a beta of 1.39. 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 Activity at Sphere Entertainment

In other Sphere Entertainment 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 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 document filed with the SEC, which is accessible through this link. 25.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds have recently bought and sold shares of the stock. Jefferies Financial Group Inc. purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $202,000. Putney Financial Group LLC purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $257,000. Public Employees Retirement System of Ohio purchased a new stake in Sphere Entertainment in the 4th quarter worth approximately $93,000. Poehling Capital Management INC. boosted its position in Sphere Entertainment by 104.1% in the 4th quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after purchasing an additional 18,280 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Sphere Entertainment by 14.4% in the 4th 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 in the last quarter. Hedge funds and other 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.