Sphere Entertainment (NYSE:SPHR) Stock Price Up 2.2% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR)’s share price rose 2.2% during trading on Tuesday . The stock traded as high as $32.94 and last traded at $33.24. Approximately 89,120 shares traded hands during trading, a decline of 88% from the average daily volume of 727,872 shares. The stock had previously closed at $32.51.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPHR. 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 research report on Tuesday, March 4th. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, Macquarie lowered their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Sphere Entertainment currently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

The company has a market capitalization of $1.19 billion, a PE ratio of -3.18 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day moving average price of $41.05 and a two-hundred day moving average price of $41.52.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 25.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors have recently modified their holdings of SPHR. Ariel Investments LLC grew its stake in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after buying an additional 394,050 shares during the last quarter. Vanguard Group Inc. grew 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 valued at $112,689,000 after purchasing an additional 29,402 shares during the last quarter. Dimensional Fund Advisors LP increased its stake 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 purchasing an additional 9,837 shares during the period. Geode Capital Management LLC lifted its position in shares of Sphere Entertainment by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock worth $39,921,000 after purchasing an additional 24,772 shares during the last quarter. Finally, Steadfast Capital Management LP boosted its stake in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after purchasing an additional 599,800 shares during the period. Institutional investors 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.