Sphere Entertainment (NYSE:SPHR) Trading Up 4.7%

Sphere Entertainment Co. (NYSE:SPHR) was up 4.7% during trading on Friday . The company traded as high as $39.76 and last traded at $39.76. Approximately 89,848 shares traded hands during trading, a decline of 87% from the average daily volume of 699,547 shares. The stock had previously closed at $37.96.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SPHR shares. JPMorgan Chase & Co. raised their price objective 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. Seaport Res Ptn cut shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a research note on Monday, April 8th. Wolfe Research began coverage on Sphere Entertainment in a research report on Wednesday, January 17th. They set a “peer perform” rating on the stock. Finally, Bank of America began coverage on Sphere Entertainment in a research report on Wednesday, February 7th. They set a “neutral” rating and a $43.00 target price on the stock. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and an average target price of $35.60.

Sphere Entertainment Stock Up 2.0 %

The business has a 50-day moving average price of $44.61 and a 200-day moving average price of $38.03. 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 $1.36 billion, a PE ratio of 3.62 and a beta of 1.40.

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 analysts’ consensus estimates of ($0.49) by ($4.42). The firm had revenue of $314.16 million during the quarter, compared to analysts’ expectations of $303.28 million. Sphere Entertainment had a net margin of 40.36% and a return on equity of 8.91%. The company’s revenue for the quarter was up 96.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.25 EPS. As a group, analysts forecast that Sphere Entertainment Co. will post -3.88 earnings per share for the current year.

Insider Transactions at Sphere Entertainment

In other news, CEO Andrea Greenberg sold 12,131 shares of the business’s 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 transaction, the chief executive officer now owns 76,650 shares of the company’s stock, valued at approximately $3,909,150. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO James Lawrence Dolan acquired 59,374 shares of Sphere Entertainment stock in a transaction that occurred 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 acquisition, the chief executive officer now owns 443,900 shares in the company, valued at $18,248,729. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrea Greenberg sold 12,131 shares of the business’s 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 completion of the sale, the chief executive officer now owns 76,650 shares in the company, valued at $3,909,150. The disclosure for this sale can be found here. Insiders have purchased a total of 245,669 shares of company stock worth $10,706,120 in the last quarter. Company insiders own 24.46% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new stake in Sphere Entertainment during the first quarter worth about $255,000. Cannon Global Investment Management LLC purchased a new stake in Sphere Entertainment during the first quarter worth about $290,000. Radnor Capital Management LLC increased its stake in Sphere Entertainment by 4.2% during the first quarter. Radnor Capital Management LLC now owns 22,845 shares of the company’s stock worth $1,121,000 after purchasing an additional 925 shares during the period. O Keefe Stevens Advisory Inc. increased its stake in Sphere Entertainment by 1.5% during the first quarter. O Keefe Stevens Advisory Inc. now owns 166,701 shares of the company’s stock worth $8,182,000 after purchasing an additional 2,383 shares during the period. Finally, Vanguard Group Inc. increased its stake in Sphere Entertainment by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 2,789,782 shares of the company’s stock worth $94,741,000 after purchasing an additional 100,311 shares during the period. 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.