Sphere Entertainment (NYSE:SPHR) Trading Up 1.5% - Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report)'s stock price rose 1.5% during mid-day trading on Monday . The company traded as high as $32.99 and last traded at $32.56. Approximately 95,970 shares were traded during trading, a decline of 87% from the average daily volume of 726,175 shares. The stock had previously closed at $32.09.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SPHR. Macquarie reduced their price objective 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. Benchmark reiterated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. 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 data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.75.

Sphere Entertainment Price Performance

The firm has a market cap of $1.19 billion, a PE ratio of -3.18 and a beta of 1.39. The company has a 50 day moving average price of $41.05 and a 200 day moving average price of $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.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the stock in a transaction 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 filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 25.08% of the company's stock.

Remove Ads

Institutional Investors Weigh In On Sphere Entertainment

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in shares of Sphere Entertainment by 826.1% during the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock worth $34,000 after purchasing an additional 760 shares in the last quarter. Ancora Advisors LLC acquired a new position in Sphere Entertainment in the 4th quarter worth $40,000. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% in the 4th 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. Blue Trust Inc. boosted its holdings in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock valued at $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment during the 4th quarter worth approximately $93,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.