Sphere Entertainment (NYSE:SPHR) Shares Down 0.1% - Here's What Happened

Shares of Sphere Entertainment Co. (NYSE:SPHR - Get Free Report) were down 0.1% on Wednesday . The company traded as low as $32.44 and last traded at $32.93. Approximately 68,365 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 767,226 shares. The stock had previously closed at $32.97.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their price target on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a research note on Monday, March 3rd. 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 report on Tuesday, March 11th. Finally, The Goldman Sachs Group upgraded Sphere Entertainment to a "strong-buy" rating in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Sphere Entertainment presently has an average rating of "Hold" and an average target price of $46.75.

Sphere Entertainment Stock Performance

The firm has a market cap of $959.97 million, a P/E ratio of -2.55 and a beta of 1.39. 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's 50-day moving average is $39.63 and its two-hundred day moving average is $41.03.

Remove Ads

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 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 25.08% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its stake in Sphere Entertainment by 826.1% in the 4th quarter. Sterling Capital Management LLC now owns 852 shares of the company's stock valued at $34,000 after buying an additional 760 shares during the last quarter. Ancora Advisors LLC bought a new stake in Sphere Entertainment during the fourth quarter worth $40,000. Tower Research Capital LLC TRC lifted its holdings in Sphere Entertainment by 108.1% during 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. Blue Trust Inc. boosted its position in 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 purchasing an additional 912 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Sphere Entertainment in the 4th quarter valued at $93,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.