Sphere Entertainment Sees Unusually High Options Volume (NYSE:SPHR)

Sphere Entertainment Co. (NYSE:SPHR) saw some unusual options trading activity on Monday. Investors purchased 9,207 call options on the stock. This is an increase of approximately 169% compared to the typical volume of 3,422 call options.

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in Sphere Entertainment by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after acquiring an additional 271 shares during the last quarter. Covestor Ltd raised its holdings in Sphere Entertainment by 3.5% in the third quarter. Covestor Ltd now owns 9,077 shares of the company’s stock worth $401,000 after purchasing an additional 305 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Sphere Entertainment by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 13,177 shares of the company’s stock worth $462,000 after purchasing an additional 359 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Sphere Entertainment by 15.5% in the 3rd quarter. Quent Capital LLC now owns 4,658 shares of the company’s stock valued at $206,000 after buying an additional 624 shares during the period. Finally, Blue Trust Inc. bought a new stake in shares of Sphere Entertainment in the 2nd quarter valued at $27,000. Institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

SPHR has been the subject of a number of recent analyst reports. Bank of America decreased their price objective on Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. raised Sphere Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $57.00 in a research note on Friday, August 16th. Guggenheim lifted their price objective on shares of Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Macquarie decreased their target price on shares of Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Finally, Benchmark reissued a “sell” rating and set a $40.00 target price on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.43.

Sphere Entertainment Stock Up 1.6 %

NYSE SPHR opened at $40.65 on Tuesday. Sphere Entertainment has a twelve month low of $27.02 and a twelve month high of $51.83. The stock has a market cap of $1.44 billion, a PE ratio of -3.87 and a beta of 1.41. The firm has a 50-day simple moving average of $43.35 and a 200 day simple moving average of $41.41. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.63 and a current ratio of 0.56.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The firm had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. During the same quarter in the previous year, the firm posted $1.90 EPS. The business’s revenue for the quarter was up 93.1% on a year-over-year basis. On average, research analysts forecast that Sphere Entertainment will post -11.47 EPS for the current year.

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.