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

Sphere Entertainment Co. (NYSE:SPHR) was the target of some unusual options trading activity on Thursday. Stock investors acquired 5,928 call options on the stock. This is an increase of approximately 150% compared to the average volume of 2,373 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Susquehanna assumed coverage on shares of Sphere Entertainment in a report on Monday, April 28th. They issued a “positive” rating and a $37.00 target price on the stock. Guggenheim boosted their target price on shares of Sphere Entertainment from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley lowered their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, April 10th. Finally, Macquarie lowered their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sphere Entertainment presently has a consensus rating of “Hold” and a consensus price target of $46.22.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE grew its holdings 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 purchasing an additional 276 shares during the last quarter. Boyar Asset Management Inc. grew its holdings in Sphere Entertainment by 1.2% during the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after acquiring an additional 542 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Sphere Entertainment by 108.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Sphere Entertainment by 2.8% in the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company’s stock worth $1,076,000 after purchasing an additional 720 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Sphere Entertainment by 10.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,411 shares of the company’s stock worth $299,000 after purchasing an additional 721 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Trading Up 3.4%

SPHR stock opened at $38.80 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. Sphere Entertainment has a twelve month low of $23.89 and a twelve month high of $50.88. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -3.70 and a beta of 1.51. The firm’s fifty day simple moving average is $30.20 and its two-hundred day simple moving average is $37.74.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.48) by $0.21. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The business had revenue of $280.57 million for the quarter, compared to analysts’ expectations of $285.01 million. During the same quarter in the previous year, the business posted ($1.33) earnings per share. The business’s revenue was down 12.7% compared to the same quarter last year. As a group, analysts anticipate that Sphere Entertainment will post -11.47 earnings per share 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.