Sphere Entertainment (NYSE:SPHR) Shares Up 0.5% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR)’s stock price rose 0.5% during mid-day trading on Thursday . The company traded as high as $34.24 and last traded at $33.95. Approximately 148,779 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 805,202 shares. The stock had previously closed at $33.79.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Macquarie dropped their price objective 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. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their price objective 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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm’s fifty day moving average is $40.74 and its 200 day moving average is $41.40. The company has a market cap of $1.19 billion, a PE ratio of -3.16 and a beta of 1.39.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in Sphere Entertainment by 16.4% during the third quarter. Victory Capital Management Inc. now owns 17,503 shares of the company’s stock worth $744,000 after buying an additional 2,461 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Sphere Entertainment in the third quarter valued at $320,000. Charles Schwab Investment Management Inc. increased its stake in Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after buying an additional 5,575 shares during the period. Algert Global LLC raised its position in Sphere Entertainment by 36.2% in the 3rd quarter. Algert Global LLC now owns 17,737 shares of the company’s stock valued at $754,000 after purchasing an additional 4,710 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Sphere Entertainment in the third quarter worth approximately $561,000. 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.