Sphere Entertainment (NYSE:SPHR) Reaches New 12-Month Low - What's Next?

Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $24.60 and last traded at $25.14, with a volume of 601050 shares traded. The stock had previously closed at $26.35.

Analyst Upgrades and Downgrades

SPHR has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Macquarie decreased their target price on shares of Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group set a $36.00 target price on shares of Sphere Entertainment and gave the company a "buy" rating in a report on Friday. Morgan Stanley lowered their price target on Sphere Entertainment from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 10th. Finally, Benchmark restated a "sell" rating on shares of Sphere Entertainment in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Sphere Entertainment presently has an average rating of "Hold" and an average target price of $44.13.

Sphere Entertainment Trading Up 0.7 %

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 company has a fifty day moving average price of $35.00 and a two-hundred day moving average price of $39.74. The firm has a market capitalization of $904.70 million, a price-to-earnings ratio of -2.41 and a beta of 1.48.

Insider Buying and Selling 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 25.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sphere Entertainment

Several large investors have recently modified their holdings of the business. US Bancorp DE raised its holdings in Sphere Entertainment by 3.8% in the 4th quarter. US Bancorp DE now owns 7,511 shares of the company's stock valued at $303,000 after buying an additional 276 shares during the period. Central Pacific Bank Trust Division raised its stake in shares of Sphere Entertainment by 5.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 9,946 shares of the company's stock valued at $401,000 after acquiring an additional 500 shares during the period. Boyar Asset Management Inc. raised 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 valued at $1,793,000 after acquiring an additional 542 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Sphere Entertainment by 108.1% in the 4th 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 last quarter. Finally, Legal & General Group Plc boosted its position in shares of Sphere Entertainment by 2.8% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the company's stock worth $1,076,000 after purchasing an additional 720 shares during the period. 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.