Sphere Entertainment (NYSE:SPHR) Trading 0.5% Higher – Still a Buy?

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

Analyst Ratings Changes

A number of analysts have weighed in on SPHR shares. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. Finally, 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. One equities 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 presently has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.16 and a beta of 1.39. The firm has a fifty day moving average price of $40.74 and a 200 day moving average price of $41.40.

Insiders Place Their Bets

In other 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 transaction of $1,872,013.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 25.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its stake in shares of Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after acquiring an additional 760 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of Sphere Entertainment in the fourth quarter valued at $40,000. Tower Research Capital LLC TRC raised its stake in shares of Sphere Entertainment by 108.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock worth $53,000 after buying an additional 681 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Sphere Entertainment by 149.5% in the 4th quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock worth $67,000 after buying an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Sphere Entertainment in the 4th quarter valued at about $93,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.