Sphere Entertainment (NYSE:SPHR) Shares Up 2.2% – Should You Buy?

Shares of Sphere Entertainment Co. (NYSE:SPHR) traded up 2.2% on Tuesday . The company traded as high as $32.94 and last traded at $33.24. 89,120 shares were traded during trading, a decline of 88% from the average session volume of 727,872 shares. The stock had previously closed at $32.51.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SPHR shares. JPMorgan Chase & Co. decreased 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. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Macquarie cut their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Sphere Entertainment currently has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Down 1.3 %

The business’s 50-day simple moving average is $41.05 and its two-hundred day simple moving average is $41.52. 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 company has a market capitalization of $1.19 billion, a PE ratio of -3.18 and a beta of 1.39.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 25.08% of the company’s stock.

Hedge Funds Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. acquired a new stake in shares of Sphere Entertainment during the fourth quarter worth $202,000. Putney Financial Group LLC bought a new stake in shares of Sphere Entertainment during the 4th quarter valued at about $257,000. Public Employees Retirement System of Ohio acquired a new stake in Sphere Entertainment during the fourth quarter worth about $93,000. Poehling Capital Management INC. lifted its holdings in Sphere Entertainment by 104.1% in the fourth quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after acquiring an additional 18,280 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Sphere Entertainment by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock valued at $1,868,000 after acquiring an additional 5,849 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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.