Sphere Entertainment (NYSE:SPHR) Shares Up 4.5%

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

Analyst Upgrades and Downgrades

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

Sphere Entertainment Stock Down 0.4 %

The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.72 billion, a P/E ratio of 4.64 and a beta of 1.38. The firm has a 50-day simple moving average of $41.57 and a two-hundred day simple moving average of $37.16.

Sphere Entertainment (NYSE:SPHR) last issued 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). Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The business had revenue of $314.16 million during the quarter, compared to analyst estimates of $303.28 million. During the same quarter last year, the firm earned $2.25 EPS. Sphere Entertainment’s revenue for the quarter was up 96.9% compared to the same quarter last year. Equities research analysts expect that Sphere Entertainment Co. will post -3.88 earnings per share for the current fiscal year.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $51.00, for a total transaction of $618,681.00. Following the transaction, the chief executive officer now owns 76,650 shares in the company, valued at approximately $3,909,150. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the 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 $3,909,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James Lawrence Dolan bought 76,139 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was purchased at an average price of $40.73 per share, with a total value of $3,101,141.47. Following the completion of the transaction, the chief executive officer now directly owns 520,039 shares in the company, valued at approximately $21,181,188.47. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 245,669 shares of company stock worth $10,706,120. Company insiders own 24.46% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Ancora Advisors LLC bought a new position in shares of Sphere Entertainment in the third quarter worth about $25,000. Tower Research Capital LLC TRC acquired a new position in Sphere Entertainment during the 3rd quarter worth approximately $35,000. Qube Research & Technologies Ltd acquired a new stake in Sphere Entertainment in the third quarter valued at approximately $45,000. National Bank of Canada FI acquired a new stake in Sphere Entertainment in the fourth quarter valued at approximately $46,000. Finally, FMR LLC bought a new stake in shares of Sphere Entertainment during the third quarter worth $52,000. 92.03% of the stock is currently 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.