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

Shares of Sphere Entertainment Co. (NYSE:SPHR) traded up 2.9% during mid-day trading on Wednesday . The company traded as high as $34.14 and last traded at $34.08. 145,142 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 726,453 shares. The stock had previously closed at $33.12.

Analyst Ratings Changes

A number of research firms have commented on SPHR. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. JPMorgan Chase & Co. lowered their price target on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Finally, Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

The firm has a 50 day moving average price of $40.90 and a 200 day moving average price of $41.47. The stock has a market cap of $1.19 billion, a PE ratio of -3.16 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

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of SPHR. Victory Capital Management Inc. grew its position in Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after acquiring an additional 271 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Sphere Entertainment during the third quarter worth about $320,000. Charles Schwab Investment Management Inc. lifted its stake in Sphere Entertainment by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock valued at $14,218,000 after buying an additional 5,575 shares during the last quarter. Algert Global LLC grew its position in Sphere Entertainment by 36.2% during the 3rd quarter. Algert Global LLC now owns 17,737 shares of the company’s stock worth $754,000 after purchasing an additional 4,710 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Sphere Entertainment in the third quarter valued at about $561,000. 92.03% of the stock is owned by institutional investors and hedge funds.

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.