Sphere Entertainment Target of Unusually High Options Trading (NYSE:SPHR)

Sphere Entertainment Co. (NYSE:SPHR) was the recipient of unusually large options trading on Friday. Investors acquired 5,143 call options on the stock. This represents an increase of 92% compared to the average volume of 2,679 call options.

Insider Buying and Selling

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at this link. 25.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in SPHR. US Bancorp DE raised its position in shares of Sphere Entertainment by 3.8% in the fourth quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after acquiring an additional 276 shares during the period. Central Pacific Bank Trust Division increased its stake in shares of Sphere Entertainment by 5.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock valued at $401,000 after purchasing an additional 500 shares in the last quarter. Boyar Asset Management Inc. raised its holdings in Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after purchasing an additional 542 shares during the period. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% during the fourth 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 in the last quarter. Finally, Legal & General Group Plc grew its holdings in Sphere Entertainment by 2.8% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock valued at $1,076,000 after purchasing an additional 720 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group set a $36.00 price objective on shares of Sphere Entertainment and gave the company a “buy” rating in a report on Friday, April 18th. Macquarie dropped their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Guggenheim restated a “buy” rating and issued a $69.00 price objective on shares of Sphere Entertainment in a research note on Wednesday. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of 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 investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Sphere Entertainment currently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Trading Up 9.5 %

Shares of NYSE:SPHR opened at $28.99 on Friday. The company has a market capitalization of $1.04 billion, a PE ratio of -2.76 and a beta of 1.48. Sphere Entertainment has a 12-month low of $23.89 and a 12-month high of $50.88. The business has a 50 day moving average of $32.83 and a two-hundred day moving average of $39.10. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

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.