Sphere Entertainment (NYSE:SPHR) Shares Gap Up - Here's What Happened

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $26.47, but opened at $29.69. Sphere Entertainment shares last traded at $28.87, with a volume of 484,442 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie dropped their price target on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. decreased their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the stock a "buy" rating in a research report on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of "Hold" and a consensus price target of $45.67.

Sphere Entertainment Price Performance

The stock has a market cap of $978.22 million, a P/E ratio of -2.60 and a beta of 1.48. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The company's fifty day simple moving average is $32.08 and its 200-day simple moving average is $38.90.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Envestnet Asset Management Inc. bought a new position in Sphere Entertainment in the 1st quarter worth approximately $1,359,000. Janney Montgomery Scott LLC acquired a new stake in Sphere Entertainment in the first quarter worth about $225,000. SG Americas Securities LLC raised its holdings in Sphere Entertainment by 765.8% during the 1st quarter. SG Americas Securities LLC now owns 99,597 shares of the company's stock worth $3,259,000 after purchasing an additional 88,093 shares during the last quarter. O Keefe Stevens Advisory Inc. boosted its stake in shares of Sphere Entertainment by 3.5% in the 1st quarter. O Keefe Stevens Advisory Inc. now owns 198,796 shares of the company's stock valued at $6,505,000 after purchasing an additional 6,652 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Sphere Entertainment by 4,769.5% during the 1st quarter. GAMMA Investing LLC now owns 12,466 shares of the company's stock worth $381,000 after buying an additional 12,210 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

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.