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

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

Wall Street Analysts Forecast Growth

SPHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on 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 reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Macquarie reduced their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Trading Up 2.2 %

The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -3.01 and a beta of 1.39. The company has a 50 day moving average of $42.53 and a 200 day moving average of $42.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the business. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment during the 4th quarter worth $40,000. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. boosted its holdings in Sphere Entertainment by 149.5% during the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after acquiring an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment during the 4th quarter valued at about $93,000. 92.03% of the stock is currently owned by hedge funds and other 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.