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

Sphere Entertainment Co. (NYSE:SPHR) was the recipient of unusually large options trading on Monday. Stock traders acquired 9,207 call options on the company. This is an increase of approximately 169% compared to the typical volume of 3,422 call options.

Sphere Entertainment Stock Up 1.6 %

Shares of SPHR opened at $40.65 on Tuesday. 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 has a 52 week low of $27.02 and a 52 week high of $51.83. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -3.87 and a beta of 1.41. The stock has a fifty day moving average of $43.35 and a 200-day moving average of $41.41.

Sphere Entertainment (NYSE:SPHR) last posted its earnings results on Tuesday, November 12th. The company reported ($2.95) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.32) by $0.37. The firm had revenue of $227.90 million for the quarter, compared to analyst estimates of $229.86 million. Sphere Entertainment had a negative net margin of 32.76% and a negative return on equity of 16.48%. The company’s revenue for the quarter was up 93.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.90 EPS. As a group, sell-side analysts anticipate that Sphere Entertainment will post -11.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Sphere Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the company from $37.00 to $57.00 in a research report on Friday, August 16th. 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. Wolfe Research upgraded Sphere Entertainment from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 2nd. Guggenheim raised their price target on Sphere Entertainment from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Benchmark reiterated a “sell” rating and set a $40.00 price objective on shares of Sphere Entertainment in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and an average target price of $50.43.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new position in Sphere Entertainment in the second quarter valued at $27,000. Summit Securities Group LLC acquired a new stake in Sphere Entertainment during the second quarter worth approximately $54,000. 1832 Asset Management L.P. acquired a new position in Sphere Entertainment in the first quarter valued at approximately $85,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Sphere Entertainment by 46.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,560 shares of the company’s stock worth $111,000 after buying an additional 810 shares in the last quarter. Finally, Quent Capital LLC grew its position in shares of Sphere Entertainment by 51.8% during the 2nd quarter. Quent Capital LLC now owns 4,034 shares of the company’s stock worth $141,000 after buying an additional 1,376 shares during the period. Institutional investors own 92.03% of the company’s stock.

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.