Sphere Entertainment (NYSE:SPHR) Trading Up 0.8% – Still a Buy?

Sphere Entertainment Co. (NYSE:SPHR)’s stock price was up 0.8% during mid-day trading on Tuesday . The company traded as high as $33.64 and last traded at $33.05. Approximately 212,996 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 768,062 shares. The stock had previously closed at $32.79.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPHR. Guggenheim decreased their price target on Sphere Entertainment from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Morgan Stanley lowered their target price on shares of Sphere Entertainment from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Macquarie lowered their price objective on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Down 1.9 %

The business has a 50 day moving average of $43.30 and a 200-day moving average of $42.70. The stock has a market cap of $1.14 billion, a PE ratio of -3.05 and a beta of 1.39. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Institutional Trading of Sphere Entertainment

A number of large investors have recently made changes to their positions in SPHR. Sterling Capital Management LLC lifted its holdings in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock valued at $34,000 after purchasing an additional 760 shares in the last quarter. Ancora Advisors LLC acquired a new position in shares of Sphere Entertainment in the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC lifted 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 buying an additional 681 shares during the period. Blue Trust Inc. grew its stake in 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 acquiring an additional 912 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Sphere Entertainment in the 4th quarter valued at $93,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.