Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.5% – Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR) traded up 0.5% on Wednesday . The company traded as high as $32.25 and last traded at $31.87. Approximately 64,647 shares changed hands during trading, a decline of 91% from the average session volume of 726,918 shares. The stock had previously closed at $31.71.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie reduced their target price 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Performance

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 stock has a market cap of $1.14 billion, a PE ratio of -3.04 and a beta of 1.39. The business has a 50 day moving average price of $41.76 and a two-hundred day moving average price of $41.86.

Insider Buying and Selling at Sphere Entertainment

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 25.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently made changes to their positions in the business. Jefferies Financial Group Inc. bought a new position in shares of Sphere Entertainment during the fourth quarter valued at approximately $202,000. Putney Financial Group LLC bought a new position in Sphere Entertainment in the 4th quarter worth $257,000. Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the 4th quarter worth $93,000. Poehling Capital Management INC. lifted its position in shares of Sphere Entertainment by 104.1% in the 4th quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after purchasing an additional 18,280 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Sphere Entertainment by 14.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock valued at $1,868,000 after purchasing an additional 5,849 shares in the last quarter. 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.