Sphere Entertainment (NYSE:SPHR) Stock Price Up 0.2% – Should You Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was up 0.2% during trading on Thursday . The company traded as high as $32.69 and last traded at $32.46. Approximately 102,635 shares changed hands during trading, a decline of 86% from the average daily volume of 727,408 shares. The stock had previously closed at $32.38.

Analysts Set New Price Targets

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

Sphere Entertainment Price Performance

The firm’s 50 day moving average is $41.56 and its 200 day moving average is $41.76. The firm has a market cap of $1.15 billion, a P/E ratio of -3.05 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 the stock in a transaction dated 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. Ariel Investments LLC raised its position in Sphere Entertainment by 7.4% in the 4th quarter. Ariel Investments LLC now owns 5,744,192 shares of the company’s stock worth $231,606,000 after buying an additional 394,050 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Sphere Entertainment by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,794,862 shares of the company’s stock worth $112,689,000 after acquiring an additional 29,402 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Sphere Entertainment by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,465,363 shares of the company’s stock valued at $59,084,000 after purchasing an additional 9,837 shares during the last quarter. Geode Capital Management LLC lifted its position in Sphere Entertainment by 2.7% during the third quarter. Geode Capital Management LLC now owns 938,463 shares of the company’s stock valued at $39,921,000 after purchasing an additional 24,772 shares during the period. Finally, Steadfast Capital Management LP boosted its holdings in Sphere Entertainment by 183.8% in the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock worth $37,340,000 after purchasing an additional 599,800 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other 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.