Sphere Entertainment (NYSE:SPHR) Shares Up 0.5% – Should You Buy?

Shares of Sphere Entertainment Co. (NYSE:SPHR) shot up 0.5% during mid-day trading on Thursday . The stock traded as high as $34.24 and last traded at $33.95. 148,779 shares were traded during trading, a decline of 82% from the average session volume of 805,202 shares. The stock had previously closed at $33.79.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SPHR shares. Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Macquarie dropped 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 note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Sphere Entertainment has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Down 0.9 %

The stock has a fifty day moving average price of $41.05 and a 200-day moving average price of $41.52. The firm has a market cap of $1.20 billion, a PE 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.

Insiders Place Their Bets

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 25.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Sphere Entertainment

A number of large investors have recently modified their holdings of the stock. Steadfast Capital Management LP boosted its holdings in Sphere Entertainment by 183.8% in the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after acquiring an additional 599,800 shares during the period. Ariel Investments LLC lifted its position in shares of Sphere Entertainment by 7.4% during the fourth quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after purchasing an additional 394,050 shares in the last quarter. Norges Bank purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at $14,432,000. Wealthfront Advisers LLC acquired a new stake in Sphere Entertainment during the 4th quarter valued at $11,286,000. Finally, Alliancebernstein L.P. increased its stake in Sphere Entertainment by 929.8% during the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock worth $11,527,000 after buying an additional 258,123 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.