Sphere Entertainment (NYSE:SPHR) Hits New 52-Week Low - Should You Sell?

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $28.36 and last traded at $28.84, with a volume of 1249711 shares. The stock had previously closed at $33.48.

Analyst Upgrades and Downgrades

SPHR has been the topic of several research analyst reports. Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Macquarie cut their price objective on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Finally, The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $46.75.

Sphere Entertainment Stock Performance

The firm's 50-day moving average is $39.63 and its two-hundred day moving average is $41.04. 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 $945.11 million, a price-to-earnings ratio of -2.51 and a beta of 1.48.

Remove Ads

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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 25.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its holdings in shares of Sphere Entertainment by 826.1% in the fourth quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after purchasing an additional 760 shares during the period. Ancora Advisors LLC purchased a new stake in Sphere Entertainment during the 4th quarter worth approximately $40,000. Tower Research Capital LLC TRC boosted its position in Sphere Entertainment by 108.1% in the 4th 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 shares of Sphere Entertainment by 149.5% in the fourth quarter. Blue Trust Inc. now owns 1,522 shares of the company's stock worth $67,000 after acquiring an additional 912 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Sphere Entertainment during the fourth quarter worth $93,000. Institutional investors and hedge funds 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.