Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.5% – Time to Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s share price traded up 0.5% during trading on Wednesday . The stock traded as high as $32.25 and last traded at $31.87. 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.

Analyst Upgrades and Downgrades

SPHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Benchmark restated a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. Finally, Macquarie cut their target price 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Price Performance

The stock has a market capitalization of $1.14 billion, a P/E ratio of -3.03 and a beta of 1.39. The company has a 50 day moving average of $42.12 and a 200-day moving average of $42.00. The company has a quick ratio of 0.56, a current 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 business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total transaction of $1,872,013.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new stake in shares of Sphere Entertainment in the 3rd quarter worth about $788,000. Victory Capital Management Inc. grew its position in Sphere Entertainment by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 22,438 shares of the company’s stock worth $991,000 after purchasing an additional 271 shares during the last quarter. Quest Partners LLC increased its stake in shares of Sphere Entertainment by 98,992.3% in the third quarter. Quest Partners LLC now owns 12,882 shares of the company’s stock valued at $569,000 after purchasing an additional 12,869 shares during the period. Intech Investment Management LLC bought a new stake in shares of Sphere Entertainment during the third quarter valued at approximately $320,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Sphere Entertainment by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,300 shares of the company’s stock worth $14,218,000 after buying an additional 5,575 shares during the period. 92.03% of the stock is 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.