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

Sphere Entertainment Co. (NYSE:SPHR) was the target of some unusual options trading on Monday. Stock traders acquired 9,207 call options on the company. This represents an increase of approximately 169% compared to the average volume of 3,422 call options.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SPHR. Bank of America lowered their price objective on shares of Sphere Entertainment from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Tuesday, September 17th. Benchmark restated a “sell” rating and set a $40.00 price target on shares of Sphere Entertainment in a research report on Tuesday, September 3rd. Macquarie reduced their price objective on Sphere Entertainment from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Wolfe Research raised Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upgraded Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $57.00 in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Sphere Entertainment presently has an average rating of “Hold” and a consensus target price of $50.43.

Sphere Entertainment Trading Up 1.0 %

Sphere Entertainment stock traded up $0.40 during mid-day trading on Monday, reaching $40.40. 1,135,040 shares of the company traded hands, compared to its average volume of 752,735. The firm’s 50 day moving average price is $43.40 and its 200 day moving average price is $41.41. Sphere Entertainment has a 52-week low of $27.02 and a 52-week high of $51.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.63. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.81 and a beta of 1.41.

Sphere Entertainment (NYSE:SPHR) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $227.90 million during the quarter, compared to the consensus estimate of $229.86 million. During the same period in the prior year, the firm earned $1.90 earnings per share. Sphere Entertainment’s revenue was up 93.1% on a year-over-year basis. On average, analysts anticipate that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sphere Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPHR. Geode Capital Management LLC boosted its holdings in shares of Sphere Entertainment by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 613,008 shares of the company’s stock valued at $27,088,000 after buying an additional 7,434 shares in the last quarter. State Street Corp grew its holdings in Sphere Entertainment by 1.6% in the third quarter. State Street Corp now owns 632,067 shares of the company’s stock worth $27,925,000 after purchasing an additional 9,749 shares during the period. Systematic Financial Management LP increased its stake in shares of Sphere Entertainment by 3.0% during the third quarter. Systematic Financial Management LP now owns 371,164 shares of the company’s stock valued at $16,398,000 after purchasing an additional 10,862 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $438,000. Finally, Clearline Capital LP purchased a new stake in shares of Sphere Entertainment in the 3rd quarter worth approximately $5,607,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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.