Sphere Entertainment (NYSE:SPHR) Shares Up 2.9% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s share price was up 2.9% during trading on Wednesday . The company traded as high as $34.14 and last traded at $34.08. Approximately 145,142 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 726,453 shares. The stock had previously closed at $33.12.

Analyst Ratings Changes

A number of brokerages have weighed in on SPHR. Macquarie decreased their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Sphere Entertainment Trading Up 1.6 %

The firm has a 50-day simple moving average of $41.21 and a 200-day simple moving average of $41.57. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.20 billion, a PE ratio of -3.20 and a beta of 1.39.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its holdings in shares of Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC lifted its position in Sphere Entertainment by 108.1% during the fourth 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 during the last quarter. Blue Trust Inc. grew its stake in Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after buying an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the 4th quarter valued at $93,000. 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.