Sphere Entertainment (NYSE:SPHR) Trading 1.5% Higher – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price shot up 1.5% during trading on Monday . The stock traded as high as $32.99 and last traded at $32.56. 95,970 shares were traded during mid-day trading, a decline of 87% from the average session volume of 726,175 shares. The stock had previously closed at $32.09.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JPMorgan Chase & Co. dropped their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Macquarie reduced their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Finally, Benchmark reissued 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Up 1.6 %

The business’s 50-day simple moving average is $41.21 and its two-hundred day simple moving average is $41.57. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.15 and a beta of 1.39. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 25.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. FMR LLC boosted 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 buying an additional 47,635 shares during the period. Entropy Technologies LP raised its stake in shares of Sphere Entertainment by 108.6% in the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after acquiring an additional 7,194 shares in the last quarter. OFI Invest Asset Management purchased a new position in Sphere Entertainment in the fourth quarter valued at $306,000. SG Americas Securities LLC grew its stake in Sphere Entertainment by 101.6% during the 4th 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 in the last quarter. Finally, Zacks Investment Management increased its holdings in Sphere Entertainment by 15.3% during the 3rd quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock worth $4,750,000 after purchasing 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.