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

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $23.89 and last traded at $24.29, with a volume of 510852 shares traded. The stock had previously closed at $25.38.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SPHR. JPMorgan Chase & Co. lowered 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. Morgan Stanley cut their target price on shares of Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Guggenheim restated a "buy" rating and set a $69.00 price target on shares of Sphere Entertainment in a research report on Wednesday. The Goldman Sachs Group set a $36.00 price target on Sphere Entertainment and gave the stock a "buy" rating in a research note on Friday, April 18th. 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, three have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $46.75.

Sphere Entertainment Price Performance

The stock has a market cap of $1.04 billion, a P/E ratio of -2.76 and a beta of 1.48. The business's 50 day moving average price is $32.83 and its two-hundred day moving average price is $39.13. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Insider Activity

In other news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company's stock in a transaction on 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 filing with the SEC, which can be accessed through this hyperlink. Company insiders own 25.08% of the company's stock.

Hedge Funds Weigh In On Sphere Entertainment

A number of hedge funds have recently bought and sold shares of the business. US Bancorp DE raised its holdings in shares of Sphere Entertainment by 3.8% during the fourth quarter. US Bancorp DE now owns 7,511 shares of the company's stock valued at $303,000 after purchasing an additional 276 shares during the last quarter. Central Pacific Bank Trust Division lifted its holdings in shares of Sphere Entertainment by 5.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company's stock valued at $401,000 after buying an additional 500 shares during the period. Boyar Asset Management Inc. boosted its stake in shares of Sphere Entertainment by 1.2% in the 4th quarter. Boyar Asset Management Inc. now owns 44,457 shares of the company's stock worth $1,793,000 after buying an additional 542 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Sphere Entertainment by 108.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,311 shares of the company's stock worth $53,000 after acquiring an additional 681 shares during the period. Finally, Legal & General Group Plc increased its position in Sphere Entertainment by 2.8% during the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock valued at $1,076,000 after acquiring an additional 720 shares during the last quarter. Hedge funds and other 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.