Sphere Entertainment (NYSE:SPHR) Shares Up 2.9% – Still a Buy?

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Macquarie lowered their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. Finally, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Down 1.6 %

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average is $40.90 and its two-hundred day moving average is $41.47. The firm has a market cap of $1.19 billion, a P/E ratio of -3.16 and a beta of 1.39.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction dated 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 can be accessed through this link. Company insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently modified their holdings of SPHR. FMR LLC increased its position in Sphere Entertainment by 76.3% in the 3rd quarter. FMR LLC now owns 110,035 shares of the company’s stock valued at $4,680,000 after acquiring an additional 47,635 shares in the last quarter. Entropy Technologies LP grew its holdings in Sphere Entertainment by 108.6% during the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after purchasing an additional 7,194 shares during the period. OFI Invest Asset Management bought a new stake in Sphere Entertainment in the fourth quarter valued at approximately $306,000. SG Americas Securities LLC raised its holdings in Sphere Entertainment by 101.6% in the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock worth $464,000 after purchasing an additional 5,799 shares during the period. Finally, Zacks Investment Management grew its holdings in shares of Sphere Entertainment by 15.3% in the 3rd quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock valued at $4,750,000 after buying an additional 14,812 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.