Sphere Entertainment (NYSE:SPHR) Trading Down 3% – What’s Next?

Sphere Entertainment Co. (NYSE:SPHR)’s share price was down 3% during mid-day trading on Tuesday . The company traded as low as $31.41 and last traded at $31.69. Approximately 148,734 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 726,782 shares. The stock had previously closed at $32.68.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SPHR shares. JPMorgan Chase & Co. decreased 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 report on Tuesday, March 4th. Benchmark reiterated a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Finally, Macquarie reduced their price target 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Sphere Entertainment has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Trading Down 3.6 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market capitalization of $1.13 billion, a P/E ratio of -3.00 and a beta of 1.39. The stock has a 50-day moving average price of $42.32 and a two-hundred day moving average price of $42.10.

Insider Activity at Sphere Entertainment

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 25.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SPHR. Jefferies Financial Group Inc. purchased a new stake in Sphere Entertainment in the fourth quarter worth $202,000. Putney Financial Group LLC bought a new position in shares of Sphere Entertainment in the 4th quarter worth about $257,000. Public Employees Retirement System of Ohio purchased a new position in Sphere Entertainment during the 4th quarter valued at about $93,000. Poehling Capital Management INC. boosted its stake in Sphere Entertainment by 104.1% during the fourth quarter. Poehling Capital Management INC. now owns 35,839 shares of the company’s stock worth $1,445,000 after acquiring an additional 18,280 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Sphere Entertainment by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 46,330 shares of the company’s stock worth $1,868,000 after purchasing an additional 5,849 shares during the period. Institutional investors own 92.03% of the company’s stock.

Sphere Entertainment Company Profile

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.