Sphere Entertainment (NYSE:SPHR) Shares Up 0.5% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price rose 0.5% on Thursday . The company traded as high as $34.24 and last traded at $33.95. Approximately 148,779 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 805,202 shares. The stock had previously closed at $33.79.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut 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 report on Tuesday, March 4th. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie reduced their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

The stock’s 50-day moving average price is $41.05 and its 200-day moving average price is $41.52. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.19 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56.

Insider Buying and Selling at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several hedge funds have recently bought and sold shares of SPHR. Victory Capital Management Inc. boosted its stake in shares of Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock valued at $991,000 after acquiring an additional 271 shares during the last quarter. US Bancorp DE lifted its holdings in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock valued at $303,000 after purchasing an additional 276 shares in the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Sphere Entertainment by 5.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after purchasing an additional 500 shares during the last quarter. Boyar Asset Management Inc. grew its holdings in shares of Sphere Entertainment by 1.2% during the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock worth $1,793,000 after buying an additional 542 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after buying an additional 681 shares during the last quarter. Hedge funds and other institutional investors 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.