Sphere Entertainment (NYSE:SPHR) Stock Price Down 8.4% – Should You Sell?

Sphere Entertainment Co. (NYSE:SPHR)’s share price traded down 8.4% on Friday . The stock traded as low as $25.44 and last traded at $26.41. 482,104 shares changed hands during trading, a decline of 38% from the average session volume of 774,197 shares. The stock had previously closed at $28.84.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Benchmark reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. The Goldman Sachs Group upgraded Sphere Entertainment to a “strong-buy” rating in a research note on Thursday, March 27th. JPMorgan Chase & Co. reduced 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 note on Tuesday, March 4th. Finally, Macquarie dropped their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.75.

Sphere Entertainment Trading Down 7.0 %

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market cap of $959.97 million, a P/E ratio of -2.55 and a beta of 1.39. The business’s fifty day simple moving average is $39.63 and its 200 day simple moving average is $41.03.

Insiders Place Their Bets

In other Sphere Entertainment 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 legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC grew its holdings in Sphere Entertainment by 826.1% during the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company’s stock worth $34,000 after acquiring an additional 760 shares during the period. Ancora Advisors LLC bought a new position in shares of Sphere Entertainment in the 4th quarter worth $40,000. Tower Research Capital LLC TRC grew 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 worth $53,000 after purchasing an additional 681 shares during the period. Blue Trust Inc. increased its holdings in Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company’s stock valued at $67,000 after purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Sphere Entertainment during the 4th quarter worth about $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.