Sphere Entertainment (NYSE:SPHR) Shares Gap Up – Here’s What Happened

Sphere Entertainment Co. (NYSE:SPHR)’s share price gapped up before the market opened on Friday . The stock had previously closed at $33.78, but opened at $34.49. Sphere Entertainment shares last traded at $33.73, with a volume of 170,288 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPHR. Macquarie decreased 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 reiterated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research 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 issued a buy rating to the company’s stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Price Performance

The business has a 50-day moving average of $40.90 and a two-hundred day moving average of $41.47. 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 has a market cap of $1.20 billion, a P/E ratio of -3.20 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 on Monday, March 10th. The shares were 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 accessible through the SEC website. Company insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Steadfast Capital Management LP increased its stake in shares of Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after buying an additional 599,800 shares during the period. Ariel Investments LLC boosted its holdings in Sphere Entertainment by 7.4% in the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock valued at $231,606,000 after acquiring an additional 394,050 shares during the last quarter. Norges Bank acquired a new stake in Sphere Entertainment during the 4th quarter valued at approximately $14,432,000. Wealthfront Advisers LLC bought a new position in Sphere Entertainment during the 4th quarter worth approximately $11,286,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Sphere Entertainment by 929.8% in the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock valued at $11,527,000 after purchasing an additional 258,123 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.