One of Sphere Entertainment’s (NYSE:SPHR) directors, James Lawrence Dolan, disclosed the purchase of SPHR stock worth $3.1 million. It is worth mentioning that Dolan is also the CEO of the company. SPHR stock gained about 2% on Friday’s extended trading session.
SPHR is an entertainment and media company that provides broadcast services. Its portfolio includes Sphere, a first-of-its-kind entertainment venue that boasts the highest-resolution screen on Earth, currently available in Las Vegas only.
Insider’s Move in Detail
As per the SEC filing, Dolan bought 76,139 shares of SPHR on February 28 at an average price of $40.71 per share. Furthermore, on February 26, the insider purchased 59,374 shares of the company for a total value of $2.44 million.
After the latest purchase, the total value of his holdings in Sphere now stands at about $23.69 million.
Investors could keep close track of these notable insider activities, as they reflect the perceptions of key insiders about the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Hedge Funds Bullish on SPHR
Interestingly, hedge funds have increased their holdings of SPHR stock by 491,000 shares in the last quarter. According to our database, popular hedge fund managers, including Graham Capital Management’s Kenneth Tropin and Ariel Investments’ John Rogers, increased their positions in the stock.
Overall, SPHR stock has a “Positive” signal on TipRanks’ Hedge Fund Trading Activity tool.
Is SPHR Stock a Good Buy?
Analysts have a Moderate Buy consensus rating on SPHR stock based on two Buys and five Holds assigned in the past three months. After a nearly 58% rally in the past year, the average Sphere stock price target of $41.83 per share implies a 5.6% downside potential.
