Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.5% - Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares traded up 0.5% during trading on Thursday . The stock traded as high as $34.24 and last traded at $33.95. 148,779 shares changed hands 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 Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, Macquarie cut their price target on 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 investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Trading Down 1.6 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The business has a 50 day moving average of $40.74 and a 200 day moving average of $41.41. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.16 and a beta of 1.39.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 25.08% of the stock is currently owned by company insiders.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Sphere Entertainment by 76.3% during the third quarter. FMR LLC now owns 110,035 shares of the company's stock worth $4,680,000 after purchasing an additional 47,635 shares during the period. Entropy Technologies LP increased its stake in Sphere Entertainment by 108.6% during the 4th quarter. Entropy Technologies LP now owns 13,816 shares of the company's stock worth $557,000 after purchasing an additional 7,194 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Sphere Entertainment during the 4th quarter worth approximately $306,000. SG Americas Securities LLC lifted its stake in Sphere Entertainment by 101.6% in the fourth quarter. SG Americas Securities LLC now owns 11,504 shares of the company's stock valued at $464,000 after buying an additional 5,799 shares in the last quarter. Finally, Zacks Investment Management boosted its holdings in shares of Sphere Entertainment by 15.3% in the third quarter. Zacks Investment Management now owns 111,687 shares of the company's stock valued at $4,750,000 after buying an additional 14,812 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.