Sphere Entertainment (NYSE:SPHR) Trading 2.2% Higher – Should You Buy?

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

Analysts Set New Price Targets

Several research firms recently commented on SPHR. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. JPMorgan Chase & Co. decreased their target price 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, Macquarie dropped their price target 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Up 0.6 %

The firm has a fifty day moving average price of $41.38 and a 200 day moving average price of $41.65. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -3.12 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Transactions at Sphere Entertainment

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’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 document filed with the SEC, which is available through this hyperlink. Company insiders own 25.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SPHR. Victory Capital Management Inc. boosted its holdings in Sphere Entertainment by 1.2% in 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. Intech Investment Management LLC bought a new position in shares of Sphere Entertainment in the 3rd quarter valued at about $320,000. Charles Schwab Investment Management Inc. grew its position in shares of Sphere Entertainment by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after buying an additional 5,575 shares during the period. Algert Global LLC raised its stake in shares of Sphere Entertainment by 36.2% during the third quarter. Algert Global LLC now owns 17,737 shares of the company’s stock worth $754,000 after buying an additional 4,710 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Sphere Entertainment in the 3rd quarter worth $561,000. 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.