Sphere Entertainment (NYSE:SPHR) Stock Price Up 4.5%

Sphere Entertainment Co. (NYSE:SPHR)’s share price was up 4.5% on Wednesday . The company traded as high as $47.69 and last traded at $47.51. Approximately 83,421 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 715,975 shares. The stock had previously closed at $45.47.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Guggenheim upgraded shares of Sphere Entertainment from a “neutral” rating to a “buy” rating and raised their target price for the company from $38.00 to $40.00 in a research note on Wednesday, December 6th. Seaport Res Ptn upgraded Sphere Entertainment from a “neutral” rating to a “buy” rating in a research note on Thursday, December 7th. Bank of America began coverage on Sphere Entertainment in a research note on Wednesday, February 7th. They set a “neutral” rating and a $43.00 target price for the company. Wolfe Research initiated coverage on Sphere Entertainment in a research report on Wednesday, January 17th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. upped their price target on Sphere Entertainment from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, February 6th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.60.

Sphere Entertainment Trading Down 0.4 %

The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 4.64 and a beta of 1.38. The business has a 50-day moving average of $41.57 and a two-hundred day moving average of $37.16.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Monday, February 5th. The company reported ($4.91) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($4.42). The firm had revenue of $314.16 million for the quarter, compared to analyst estimates of $303.28 million. Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. Sphere Entertainment’s revenue for the quarter was up 96.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.25 EPS. Research analysts predict that Sphere Entertainment Co. will post -3.88 EPS for the current fiscal year.

Insider Buying and Selling at Sphere Entertainment

In other news, CEO Andrea Greenberg sold 12,131 shares of Sphere Entertainment stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $51.00, for a total transaction of $618,681.00. Following the sale, the chief executive officer now directly owns 76,650 shares in the company, valued at approximately $3,909,150. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO James Lawrence Dolan purchased 59,374 shares of the stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $41.11 per share, for a total transaction of $2,440,865.14. Following the completion of the transaction, the chief executive officer now directly owns 443,900 shares of the company’s stock, valued at approximately $18,248,729. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrea Greenberg sold 12,131 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $51.00, for a total value of $618,681.00. Following the transaction, the chief executive officer now owns 76,650 shares of the company’s stock, valued at $3,909,150. The disclosure for this sale can be found here. Insiders have acquired 245,669 shares of company stock valued at $10,706,120 in the last 90 days. 24.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in SPHR. Ariel Investments LLC acquired a new position in Sphere Entertainment in the third quarter valued at about $171,186,000. Vanguard Group Inc. raised its stake in shares of Sphere Entertainment by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock valued at $94,741,000 after acquiring an additional 100,311 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sphere Entertainment by 2.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,717,858 shares of the company’s stock worth $58,340,000 after acquiring an additional 38,594 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new stake in Sphere Entertainment during the 3rd quarter worth approximately $63,127,000. Finally, Dimensional Fund Advisors LP increased its holdings in Sphere Entertainment by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,534,028 shares of the company’s stock valued at $52,095,000 after purchasing an additional 299,931 shares in the last quarter. 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.