Sphere Entertainment (NYSE:SPHR) Shares Down 0.8% – Time to Sell?

Sphere Entertainment Co. (NYSE:SPHR) was down 0.8% during trading on Friday . The company traded as low as $33.62 and last traded at $33.51. Approximately 290,543 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 728,968 shares. The stock had previously closed at $33.78.

Analysts Set New Price Targets

SPHR has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price target 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. Macquarie lowered their target price on Sphere Entertainment from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, Benchmark reaffirmed a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. 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 data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.75.

Sphere Entertainment Stock Down 1.6 %

The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.16 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. The business has a fifty day moving average of $40.74 and a 200 day moving average of $41.41.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company’s stock in a transaction that occurred on 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 SEC, which is available through this link. Corporate insiders own 25.08% of the company’s stock.

Institutional Trading of Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPHR. Steadfast Capital Management LP boosted its holdings in Sphere Entertainment by 183.8% during the 4th quarter. Steadfast Capital Management LP now owns 926,100 shares of the company’s stock valued at $37,340,000 after acquiring an additional 599,800 shares during the period. Ariel Investments LLC lifted its holdings in Sphere Entertainment by 7.4% during 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 in the last quarter. Norges Bank purchased a new position in Sphere Entertainment in the fourth quarter valued at $14,432,000. Wealthfront Advisers LLC acquired a new stake in Sphere Entertainment in the 4th quarter valued at about $11,286,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Sphere Entertainment by 929.8% in the 4th quarter. Alliancebernstein L.P. now owns 285,885 shares of the company’s stock valued at $11,527,000 after buying an additional 258,123 shares during the period. Hedge funds and other institutional investors 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.