Sphere Entertainment (NYSE:SPHR) Stock Price Down 1% – Here’s Why

Sphere Entertainment Co. (NYSE:SPHR) shares traded down 1% on Monday . The company traded as low as $32.50 and last traded at $32.89. 100,768 shares were traded during mid-day trading, a decline of 87% from the average session volume of 767,508 shares. The stock had previously closed at $33.23.

Wall Street Analyst Weigh In

SPHR has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on 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 reissued a “sell” rating on shares of Sphere Entertainment in a report on Monday, March 3rd. 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.75.

Sphere Entertainment Price Performance

The company has a market cap of $1.18 billion, a PE ratio of -3.15 and a beta of 1.39. The stock has a fifty day moving average price of $40.74 and a 200-day moving average price of $41.41. 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 Buying and Selling

In other Sphere Entertainment news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 25.08% of the company’s stock.

Institutional Investors Weigh In On Sphere Entertainment

Several large investors have recently made changes to their positions in the company. FMR LLC grew its position in Sphere Entertainment by 76.3% in the third quarter. FMR LLC now owns 110,035 shares of the company’s stock worth $4,680,000 after acquiring an additional 47,635 shares in the last quarter. Entropy Technologies LP raised its holdings in Sphere Entertainment by 108.6% during the fourth quarter. Entropy Technologies LP now owns 13,816 shares of the company’s stock valued at $557,000 after buying an additional 7,194 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Sphere Entertainment in the fourth quarter worth about $306,000. SG Americas Securities LLC boosted its stake in shares of Sphere Entertainment by 101.6% during the 4th quarter. SG Americas Securities LLC now owns 11,504 shares of the company’s stock worth $464,000 after acquiring an additional 5,799 shares in the last quarter. Finally, Zacks Investment Management increased its holdings in shares of Sphere Entertainment by 15.3% during the 3rd quarter. Zacks Investment Management now owns 111,687 shares of the company’s stock valued at $4,750,000 after acquiring an additional 14,812 shares during the last quarter. 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.