Sphere Entertainment (NYSE:SPHR) Shares Up 1.5% – Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR) was up 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 traded hands during mid-day trading, a decline of 87% from the average daily volume of 726,175 shares. The stock had previously closed at $32.09.

Analysts Set New Price Targets

A number of research analysts have issued reports on SPHR shares. JPMorgan Chase & Co. decreased their target price on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Macquarie reduced their price target on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Finally, Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Trading Up 1.0 %

The firm’s 50-day simple moving average is $41.56 and its 200 day simple moving average is $41.73. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -3.08 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56.

Insider Transactions at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of Sphere Entertainment 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 the SEC website. 25.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Sphere Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its holdings in shares of Sphere Entertainment by 1.2% during the third quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after buying an additional 271 shares in the last quarter. US Bancorp DE grew its position in Sphere Entertainment by 3.8% during the 4th quarter. US Bancorp DE now owns 7,511 shares of the company’s stock worth $303,000 after acquiring an additional 276 shares during the last quarter. Central Pacific Bank Trust Division increased its holdings in Sphere Entertainment by 5.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company’s stock worth $401,000 after purchasing an additional 500 shares in the last quarter. Boyar Asset Management Inc. raised its position in Sphere Entertainment by 1.2% in the fourth quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company’s stock valued at $1,793,000 after purchasing an additional 542 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Sphere Entertainment by 108.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company’s stock valued at $53,000 after purchasing an additional 681 shares in the last quarter. Institutional investors 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.